NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies / Construction

Result preview: Focus on convention centre as investors contemplate SkyCity result

Anne Gibson
By Anne Gibson
Property Editor·NZ Herald·
12 Feb, 2019 01:25 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Convention centre update due tomorrow. Photo/supplied

Convention centre update due tomorrow. Photo/supplied

NZX-listed SkyCity Entertainment Group will tomorrow release its half-yearly result and give an update on progress on the troubled $700 million-plus NZ International Convention Centre in Auckland.

Results for the half-year period to December 31, 2018, are due around 8.30am.

SkyCity, with a market capitalisation of $2.6b, is trading around $3.96, ahead of $3.44 in December but still below its $4.45 in early 2017.

"The market has a June 2019 consensus revenue forecast of $1.075b, a consensus earnings before interest tax depreciation and amortisation forecast of $352.8m and a consensus net adjusted profit after tax of $169.6m," market analysis said.

"Investors will be looking at New Zealand trading to see whether a slowing economy is impacting on international and domestic visitation, how Adelaide is progressing and whether the company looks to make acquisitions," that commentary said.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Progress on the NZICC will be another area of interest, with the completion of the roof on the giant building by Fletcher Construction expected soon.

Glazing is on the new five-star hotel which has risen behind TVNZ near the Hobson St/Victoria St corner and a number of tower cranes are swinging on the site.

Chief executive Graeme Stephens will provide commentary and has made himself available for media interviews.

Advertisement
Advertise with NZME.

The troubled convention centre was initially scheduled to open this month, but is not now likely to be completed this calendar year. SkyCity announced last year that it expects further delays at its "challenging" centre project and still has no date for its opening, although a number of conferences have already been booked.

The casino operator says the centre and Horizon Hotel, originally budgeted at $703 million and expected to be completed in February 2019, will now be completed "beyond December 2019".

SkyCity has not provided any new timeline and said last year it would provide further updates once it has greater certainty about completion dates.

Fletcher Construction, managing the project, last year wrote $486m off the value of a string of developments, including the conference centre. As well as rapidly escalating costs, former chair Ralph Norris particularly cited contract terms for the conference centre, which allowed too much flexibility for variations to be undertaken at Fletcher's cost.

Discover more

Business

NZ shares fall amid ongoing global growth concerns

29 Jan 05:59 AM
Business

Bridgeman: What to watch out for in company accounts

30 Jan 04:00 PM
Business

Mahana Estate winery assets snapped up after receivership

31 Jan 01:04 AM
Business

NZ shares join global rally; A2 rises

31 Jan 04:45 AM

Fletcher won the right to build after a deal struck between SkyCity and the previous Government, which critics said lacked a competitive tender.

In late January, SkyCity announced it "had a strong finish to the half-year period to 31 December 2018 and expects to report better-than-expected growth in normalised earnings for the period. This growth is primarily due to a favourable performance in Auckland and strong growth in the international business."

Normalised EBITDA in 1H19 will be around $189m, up around 10 per cent on 1H18 and normalised NPAT in 1H19 will be around $97 million, up around 11 per cent, the business said.

"The expected reported results for 1H19 differ from the expected normalised results primarily due an adjustment for the actual win rate in the international business. The actual win rate was 0.98 per cent in 1H19, which was below the theoretical win rate of 1.35 per cent, and compares to an actual win rate of 1.70 per cent in 1H18. Reported EBITDA in 1H19 is expected to be around $165 million and reported NPAT in 1H19 is expected to be around $82m," the company announced on January 29 this year.

Save

    Share this article

Latest from Construction

Premium
Property

Surf park developers win fast-track referral for 400+ homes

01 Jul 09:00 PM
Premium
Retail

Plumbing World parent reports $8.2m loss as construction downturn hits revenue

30 Jun 09:00 PM
Premium
Business|companies

Tech Insider: Consumer NZ wants 3G phone refund; Council on Amazon site pause

30 Jun 07:00 AM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Construction

Premium
Surf park developers win fast-track referral for 400+ homes

Surf park developers win fast-track referral for 400+ homes

01 Jul 09:00 PM

Earthworks started in October for the first stage of the project, 4km from Silverdale.

Premium
Plumbing World parent reports $8.2m loss as construction downturn hits revenue

Plumbing World parent reports $8.2m loss as construction downturn hits revenue

30 Jun 09:00 PM
Premium
Tech Insider: Consumer NZ wants 3G phone refund; Council on Amazon site pause

Tech Insider: Consumer NZ wants 3G phone refund; Council on Amazon site pause

30 Jun 07:00 AM
Further property sold in $100m+ Cook Property empire

Further property sold in $100m+ Cook Property empire

30 Jun 04:59 AM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP