Echo Entertainment misses on expectations, but Star drives net profit up over 110%

Joe Raedle/Getty Images

Echo Entertainment Group net profit jumped 110.6% to $97.1 million for the six months to the end of December.

The result was slightly lower than market expectations of between $99 million and $102 million.

The casino and resort company says the performance of The Star is mainly responsible for the improvement in the group’s earnings.

CEO Matt Bekier says the $870 million refurbishment of the Star completed in 2011 is now delivering.

The revenue performance at The Star was strong at $795.2 million, up 34.3%.

Here’s the full set of numbers:

In Queensland, the company’s Jupiters Gold Coast redevelopment is underway, with a new resort pool and restaurants completed.

The company’s revenue was $1.088 billion for the half, up 25.3%.

The fully franked interim dividend is up one cent a share to 5 cents.

Echo’s shares were down 1.42% to $4.17.

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