Sky City Entertainment's share price dropped by 3.1 per cent in morning trade after the company said its "normalised" net profit would fall in the first half, due mostly to the New Zealand dollar's appreciation against the Australian dollar.
By late morning, the stock was trading at $3.77, down 12c from Monday's close.
The Australasian casino owner-operator said its normalised net profit for the six months to December 31 was expected to be in a range of $65 million to $68m, compared to $72m in the previous first half period.
The prior period profit figure excluded proceeds from the Christchurch casino, which was sold last year.
"The result in this half year has been adversely impacted by the significant currency appreciation of the NZ dollar against the Australian dollar - up 18 per cent from A78c to A92c," Sky City said.
