Guocoleisure posts Q3 profit of US$4.4m

Guocoleisure turned around its loss to a net profit of US$4.4 million for the third quarter ended 31 March, 2015.

This was despite revenue falling 14.5 per cent year-on-year to US$77.4 million.

For the nine months ended Mar 31, 2015, its net profit climbed 19.7 per cent to US$35.8 million. This came on the back of revenue dipping 8.9 per cent to US$278 million, largely due to lower revenue generated from both its gaming and property development segments.

Its earnings per share for the third quarter stood at 0.4 US cents, while its net asset value was 83 US cents per ordinary share. No dividend has been declared.

The volatility in the gaming sector continued to affect overall revenue performance. Hotel revenue was stable despite rooms being unavailable due to refurbishment. However, the weakening of the GBP/USD rate has lowered revenue in terms of USD for its UK hotels.

Guocoleisure's counter closed at 92 cents on Tuesday, down a cent.