Crown Limited reported unaudited consolidated earnings results for the half year ended December 31, 2012. For the period, the company reported revenues of $1,510,475,000 against $1,494,718,000 a year ago. Profit before income tax and finance costs was $261,825,000 against $381,320,000 a year ago. Profit before income tax was $195,911,000 against $328,973,000 a year ago. Net profit after tax was $180,775,000 against $274,402,000 a year ago. The result in comparison to the prior period has been impacted by a decrease in the VIP program play win rate. The current period also included a mark-to-market loss on Crown's investment in Echo Entertainment Group Ltd. of $74.3 million. This was partially offset by improved Australian casino operations results and continued growth in Crown's Macau joint venture. Basic and diluted earnings per share were 24.82 cents compared to 36.56 cents a year ago. Net cash flows from operating activities were $165,435,000 compared to $283,553,000 a year ago. Purchase of property, plant and equipment was $153,173,000 compared to $268,898,000 a year ago. Net tangible asset backing per ordinary security on issue at December 31, 2012 was $3.49 compared to $3.22 a year ago. The group's net debt position (excluding working capital cash of $153.7 million) at 31 December 2012 was $1,890.3 million, consisting of total debt of $1,942.5 million and cash (excluding working capital cash) of $52.2 million. For the period, on normalized basis revenue from operations of $1,560,515,000, earnings before interest & tax of $281,773,000 and net profit after tax of $243,465,000. The Directors proposed an interim dividend on ordinary shares of 18 cents per share franked at 50% against 18 cents per share franked at 50% paid a year ago. The dividend is payable on April 16, 2013 to shareholders registered on March 28, 2013.

Crown Limited, H1 2013 Earnings Call, Feb 22, 2013

Crown Limited announced that they will report first half, 2013 results on Feb 22, 2013