Great Canadian Gaming posts profit; sales fall

Thu Mar 8, 2012 5:49pm EST
 
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(Reuters) - Great Canadian Gaming Corp (GC.TO: Quote) posted a fourth-quarter profit in the absence of any big charge like last year, but sales at the casino and racetrack operator fell marginally on flat revenue at some of its main businesses.

For the fourth quarter, the company posted a net profit of C$2.3 million, or 3 Canadian cents per share, compared with a net loss of C$29.5 million, or 36 Canadian cents per share, a year ago.

In the fourth quarter of last year, the Richmond, British Columbia-based company had taken a C$46.1 million charge on impairments of goodwill and long-lived assets.

Great Canadian Gaming, which owns casinos in British Columbia, Ontario, Nova Scotia and Washington state, said revenue in the latest quarter fell 1.5 percent to C$95.7 million.

"Great Canadian's financial results for the fourth quarter of 2011 reflect continued challenges within the company's local markets," Chief Executive Rod Baker said in a statement.

Shares of the company, which have gained 12 percent in the last six months, closed at C$8.65 on Thursday on the Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Don Sebastian)