KEY POINTS:
BIL International Ltd has reported a half-year net profit fall of 72.3 per cent, as it continued to incur start-up costs in its gaming segment.
For the six months to the end of December, Singapore-based BIL, formerly New Zealand corporate raider Sir Ron Brierley's Brierley Investments Ltd, posted a net profit of US$8.5 million ($12.4 million) compared to US$30.7m for the previous corresponding period.
Operating revenue for the period was US$201.4m, up from US$161.6m, while profit before tax was US$10.1m compared to US$14.3m. No dividend will be paid.
BIL said that during the period it completed the acquisition of the Clermont Club casino business in London's Mayfair, from Rank Group PLC, for £31m ($88.8m).
The group's intention was to substantially improve the facilities and performance at that location and introduce the Clermont brand into other selected locations, BIL said.
During the period the group had also continued to incur start up costs in its gaming segment.
BIL has a secondary listing in this country, closing yesterday at $1.53, down 5c from the year high hit on Tuesday.
- NZPA
