SkyCity hits record, raises profit 10 per cent to $170 million

SkyCity hit a record in its latest result. Photo/File.

Casino company SkyCity Entertainment said it has raised its normalised net profit by 10.4 per cent to $169.9 million for the year to June.

Market expectations were for a normalised net profit of $162 million.

The company's reported net profit came to $169.5 million, up $124.6 million or 278 per cent on the previous year's.

SkyCity said the record result was driven by strong growth in its international business and an improved performance by properties across the group.

The big lift in reported net profit was driven by an A$95m ($105m) impairment of Sky City Darwin's goodwill in the previous year.

The company said it has improved operational performance at all properties, led by International Business with turnover up 39.2 per cent to $11.9 billion and normalised EBITDA up 71.2 per cent to a record $32.6m.

It said there had been "good progress" on major projects in Auckland and Adelaide, and other key initiatives.

The company declared a fully imputed final dividend of 10 cents per share bringing total FY18 dividends to 20 cents per share in line with existing dividend policy.

Looking ahead to the current financial year, trading was in line with expectations following a positive finish to the 2018 year, it said.