Guocoleisure revenue falls 6.3% in 1Q15

As gaming and property development segments suffer.

Guocoleisure experienced different results across several segments this year, but overall operations remain sound.

According to a report by CIMB, Guocoleisure’s revenue and core earnings were largely flat yoy, at US$101m and US$16.1m, respectively. Revenue fell by 6.3% qoq, mainly due to lower revenue generated from the gaming and property development segment.

CIMB adds that hotel revenue remained stable qoq. Income from the Bass Strait oil & gas royalty in Australia increased by 12.1% yoy, principally due to higher oil and gas prices over the quarter as compared to a year ago. Total operating cost fell by 7.6% yoy due to the absence of one-off expenses for the hotel rebranding exercise.