Burswood outdoes expectations

WITH the dust settling from the Publishing and Broadcasting Limited takeover, Burswood’s results have come out showing a net profit after tax but before takeover costs of $44.9 million.

This is well above the $11.1 million reported in 2002-03 and higher than the $43.5 million foreshadowed in Burswood’s target statement issued on May 27.

Takeover costs amounted to about $1.5 million, leaving the final figure at $43.4 million.

The result came on the back of a total revenue hike of 12.5 per cent on the previous fiscal to $374.8 million.

The profit came thanks to the casino beating the players in its international room.

Based on an expected International Business Commission win rate of 1.35 per cent and excluding takeover costs, the company’s profit should have been about $35.5 million.

However, based on that same win rate last year’s profit should have been $25.2 million.