Crown net profit up by 29.4 percent

    Crown Resorts Ltd announced its half yearly results for the period ended 31 December 2013. Net profit was up by 29.4 percent to $315 million and an interim dividend of 18 cps was declared. Australian performance lagged that of its joint venture, Melco Crown Entertainment, with revenue down 6.1 percent in Australia on weak consumer sentiment. Compared to last year, normalized EBITDA was down 4.6 percent at Crown Melbourne and 4.1 percent at Crown Perth. Also, VIP revenues were down 33.1 percent on the prior year, “reflecting the competitive challenges facing Crown Melbourne”, said chief executive, Rowen Craigie. MCE meanwhile posted record results with significant year on year growth in both VIP and mass market. Crown’s share of net profit for the half year was $140.6 million, up 118.1 percent. The board has announced it will consider a special dividend payment and implement a dividend policy on 25 February.