Asian casino operator Donaco International saw its fiscal year profit fall by more than half due to an unfortunate series of one-off items.
The Australia-listed Donaco released its fiscal 2017 report card on Tuesday, which showed group revenue falling nearly 5% to A$136.4m (US $108.6m), earnings improving 17.6% to A$65.3m while net profit after tax tumbled 60% to A$31m.
Donaco claims the conflicting numbers were the result of over A$24m in positive non-recurring items in FY16, while FY17 was saddled with negative non-recurring items of A$23.6m. Stripping aside these factors, underlying earnings were down 4% to A$84.4m while underlying net profit was flat at A$54.6m.
Donaco’s flagship Cambodian property StarVegas saw its FY17 revenue fall 8.3% to A$110.2m, due in part to last October’s death of Thailand’s king and the lengthy mourning period that negatively impacted cross-border casino traffic. While traffic recovered in H2 2017, the full year figures saw StarVegas’ average visitors per day drop nearly 22% year-on-year.