Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

GuocoLeisure, formerly Brierley, lifts annual profit 61.2%

GuocoLeisure, formerly Brierley, lifts annual profit 61.2%

Aug. 30 (BusinessDesk) – GuocoLeisure Ltd., the diversified investment company previously named Brierley Investments, said annual net profit rose 61.2%, mainly due to better performances in both its hotel and gaming operations.

GuocoLeisure's net profit for the year ended June 30 rose to US$79.8 million (NZ$94.3 million) from US$49.5 million the previous year. Revenue rose 18.1% to US$391.1 million.

While GuocoLeisure is still listed on NZX, its primary listing is on the Singapore Stock Exchange.

Its report showed its hotels profit before financing costs rose to US$61.2 million from US$46.7 million, reflecting improved average room rates. The hotels, operating under the Guoman and Thistle brands, are predominantly in Britain but the group is expanding in Malaysia and China.

Gaming profit of US$10.6 million compared with a US$5 million loss the previous year which was due to higher gaming win margin, the company said. It owns the Clermont Club in London's Mayfair.

Its royalty income from the Bass Strait oil and gas production in Australia increased 15% to US$44.4 million from US$38.6 million, “principally due to higher royalties received as a result of higher average crude oil and gas prices” as well as the appreciation of the Australian dollar against the US dollar.

A 145.1% rise in other operating income to US$22.3 million was due mainly to a cash distribution from the group's investments, GuocoLeisure said.

On the outlook, the company said: “The situation in Europe as well as slowing growth trends in the US have reignited fears of a double dip recession in major Western economies and a potentially long period of economic recovery.

“While business performance has improved year-on-year, the group remains vigilant and mindful of macro-economic risks that may pose a challenge to its growth plans.”

The company will pay a first and final dividend of 2 Singapore cents per share (1.96 New Zealand cents), up from 1.5 cents the previous year.

GuocoLeisure's shares last traded on NZX at 53 cents on August 24. While above their recent 49 cent low, they have been trending lower since peaking at 84 cents in March.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>