Decline in net profit for Brierley reincarnation

RICHARD MEADOWS
Last updated 05:00 29/01/2013

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Investment company GuocoLeisure, previously known as Brierley Investments, has returned a first-half net profit of US$35.3 million (NZ$42.2m), down 3.6 per cent on the previous year.

The group operates a string of 32 full-service Thistle hotels and five deluxe Guoman hotels in Britain, which received a boost in custom from the 2012 London Olympic games.

That helped push revenue up 7.5 per cent to US$203.9m in the six months to December 31, although volatility in the company's casino operation dragged down overall revenue performance.

Income from the group's Bass Strait oil and gas royalty was also hit by lower crude oil prices.

The Australian holding returned US$25.6m in the first half, an 18 per cent slide from US$31.3m in the previous corresponding period.

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- © Fairfax NZ News

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