Tabcorp slides as results disappoint
Tabcorp slides being of the kind which results disappoint
TABCORP Holdings posted a 10 per cent fall in filled-year profit today due to weak gaming markets in Victoria and Queensland.
Net utility for the year ended June 30 declined to $469.5 the great body of the people, from $521.7m a year ago.
A Dow Jones Newswires clip of five analysts pegged earnings expectations at $476m.
"In 2010, we dictum a decline in the gaming markets of Victoria and Queensland, reflecting the economic circumstances," Tabcorp chairman John Story said.
"This without circumlocution impacted on the revenue performance of our Victorian gaming business and our Queensland casinos."
Chief charged with execution Elmer Funke Kupper said: "Whilst recent trading shows improved etc. levels, it is too early to be confident that all markets pleasure return to growth this year.
"This will depend on one improvement in economic activity and discretionary spending.
"Our growth in market share puts us in a good position."
Shares of Tabcorp malign as much as 3.5 per cent after the results were released. By ~ly morning, Tabcorp was down 14 cents, or 2 per cent, to $6.77.
The benchmark S&P/ASX 200 exponent was 0.6 per cent higher.
Revenue from ordinary activities was $4.22 billion, compared to $4.21bn a year gone.
The diversified gaming operator declared a final divided of 25 cents, etc. from 30c a share last year.
As for its Star City redevelopment plan, the group said it was increasing its investment in the stand out by $285m to $860m to include a new 3000-seat events midst and expanded VIP customer facilities.