August 10, 2009 / 9:05 PM / 9 years ago

UPDATE 1-Great Canadian Gaming Q2 profit surges

* Says reduced operating expenses by C$10.2 mln

Aug 10 (Reuters) - Great Canadian Gaming Corp (GC.TO), an operator of casinos and thoroughbred racetracks, posted a 51 percent rise in second-quarter profit as its expense-reduction initiatives more than offset a decline in revenue.

The company reported a net profit of C$6.2 million, or 7 Canadian cents a share, up from C$4.1 million, or 5 Canadian cents a share, a year earlier.

Revenue dropped 8 percent to C$93.8 million, hurt by reduced gaming and hospitality revenue at the majority of its properties.

Great Canadian Gaming said its cost-cutting measures reduced operating expenses by C$10.2 million for the quarter.

Analysts on average were expecting earnings of 4 Canadian cents a share, on revenue of C$91.25 million, according to Reuters Estimates.

Shares of the Richmond, British Columbia-based company closed at C$5.99 Monday on the Toronto Stock Exchange. They have risen about 37 percent in the past three months. (Reporting by Amit Kumar in Bangalore; Editing by Deepak Kannan)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below