Casino group Crown just reported a 22% fall in full-year profit.
And shares are … way up. At 10:40 (not long after its results were out) they were 6.85%, or 93 cents higher, to $14.51.
Crown made a net profit of $396 million in 2012/13, down from $513 last year, according to its results statement.
“Overall, the results for Crown’s wholly-owned Australian resorts, Crown Melbourne and Crown Perth, were mixed as we continue to see evidence of weak consumer sentiment, particularly in Melbourne,” said Crown chief executive Rowen Craigie in the statement.
By selling its stake in rival casino operator Echo Entertainment, Crown revealed that it lost nearly $70 million.
It also wore $26 million in refinancing and development costs for its Macau joint venture Melco Crown. The JV stake turned a $175 million profit.
Revenue from main floor gaming at Crown’s flagship casino in Melbourne, Victoria rose by less than 1% over the year.