SkyCity Entertainment Group Ltd said yesterday the cost of the International Convention Centre fire last October was $240.6 million in revenue, $186.3 million in net profit after tax.
The casino operator, hotelier & events manager produced those figures in its report on the December half-year financial results.
Not taken into account at the moment is the recouping of costs from insurance.
SkyCity said a full assessment of the damage wasn’t available yet, and nor was an agreed construction timetable.
The other big factor in the accounts was the $66.5 million from the sale of its Auckland carpark concession, which the company reversed out of its calculations for comparison purposes.
The company estimated that group normalised ebitda would have been around $155 million ($1.7 million higher), and normalised profit after tax $81 million ($6 million higher), if the fire hadn’t occurred.
The new factor affecting business around the world, the coronavirus, hasn’t had a big impact on SkyCity.
The company estimated that 90% of its business was local, and that China-based customers generated less than 5% of its normalised ebitda (excluding international business).
It said some Auckland hotel bookings had been cancelled, but new bookings had offset that.
Reported net profit after tax, up 296% to $328 million ($245.2 million)
Normalised net profit after tax, down 16.4% to $75 million ($89.7 million)
Reported revenue from continuing operations (excluding gst), up 75% to $721.7 million ($411.4 million)
Total reported revenue (excluding gst), up 53% to $721.7 million ($472.1 million)
Normalised revenue (including gst), down 7.9% to $490.9 million ($532.9 million)
Reported net profit from continuing operations, up 376% to $327.8 million ($68.8 million)
Earnings/share (reported), up 303% to 49.3c (12.3c)
Earnings/share (normalised), down 15% to 11.3c (13.3c)
Net tangible assets/share, up 60.4% to 91.26c (56.89c)
Interim dividend, 10c/share fully imputed, dividend reinvest plan won’t apply.
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