Tuesday saw New Zealand casino operator, Sky City Entertainment Group Ltd, confirming that it predicts its net profit for the year to June 2009, to cross the consensus forecasts and previous guidance.

Via a statement given to stock exchange, the company said: "Due to improved fourth quarter revenues and earnings across its core casino operations in Auckland, Adelaide and Darwin, Sky City's revised expectation for net profit after tax for the 2009 year is in the range of NZ$113 million-NZ$116 million, with the final NPAT being subject to annual balance reviews and completion of the external audit."

When the company raised fresh capital in April, it specified NPAT would be comfortably within the analysts' range of NZ$99 million-NZ$106 million.

The second half year has been able to fetch better than expected performance, due to improved fourth quarter revenues and operating earnings, said Chief executive Nigel Morrison. 

For fiscal 2009, the company hopes its underlying and reported earnings (earnings before interest, tax, depreciation and amortization) to be nearly NZ$300 million.

Mr. Morrison continued that net funding cost for the fourth quarter was less than anticipated, after the oversubscribed April equity capital raising.
 
He added: "It has been a very pleasing fourth quarter and second half for Sky City, with our operations both in New Zealand and in Australia performing above expectations."