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Donaco's Q3 EBITDA Revenue Jumps On Higher

Australia's Donaco International Inc, which operates casinos in Indochina, said the group's overall results in the three months to Sept. 30 show "a very strong improvement" from the previous year.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose nearly 167% year over year to A$8.91 million ($6.09 million) in the third quarter.

"The strong increase in EBITDA was driven by higher revenues across the group and tighter cost controls," the company said in a filing with the Australian Stock Exchange on Friday.

"The revenue growth is satisfactory given that the September quarter is not a particularly busy quarter for one of the company's casino properties traditionally," the company said

Donaco, who runs casino hotels in Vietnam and Cambodia's Poipet, said the timing of the holidays in both countries "tends to skew results towards the half-year of June."

Net income for the period rose 42.4% year-over-year to A$24.25 million, while corporate costs fell 19.3%. Donaco reported a net income of A$3.81 million in the three months to Sept. 30, compared with a loss of A$1.76 million in the same period a year earlier.

"The net income performance reflects a slight increase in depreciation and amortisation costs (increased from A$2.48 million to A$2.58 million)," the company said, explaining, "However, this reflects the board's commitment to an ongoing debt reduction program and was greater than the significant reduction in financial contributions."

The company said its third-quarter results included all non-recurring items, including litigation costs incurred in a dispute with a Thai supplier at Cambodia's Star Vegas casino resort complex (pictured). Those litigation costs are currently reflected in its Star Vegas results, according to a Friday filing.

In the third quarter, Star Vegas' overall sales were up 3% year-over-year, while real estate EBITDA was up 7%.

During the September quarter of 2019, Star Vegas' new management team "started streamlining VIP junket deployments with a focus on eliminating bad-quality business practices and improving margins," Donaco said.

"As a result, the departure of unprofitable junkets led to a decline in VIP sales while net income increased. This was partly attributed to improved winnings, which was partly attributed to better operating procedures," it added

At Aristo International, overall revenue was up 164% compared to the third quarter of 2018, while real estate EBITDA was $3 million, up from a year earlier ($0.19 million).

Donaco said losses by shareholders rose 55.8% year-over-year in August to nearly A$194 million for the fiscal year ended June 30.

BY: 바카라사이트 추천

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