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SKYCITY Entertainment profit misses consensus by 34.0% in fiscal H1

SKYCITY Entertainment Group Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, was 8 New Zealand cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS declined 10.5% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$46.5 million, a decline of 10.6% from NZ$52.0 million in the year-earlier period.

Total revenue rose 6.6% on an annual basis to NZ$450.7 million from NZ$422.9 million, and total operating expenses grew 11.4% year over year to NZ$351.4 million from NZ$315.4 million.

Reported net income declined 10.6% year over year to NZ$54.6 million, or 9 cents per share, from NZ$61.1 million, or 10 cents per share.

As of Feb. 11, US$1 was equivalent to NZ$1.35.