GuocoLeisure’s full-year net profit jumps 23% to $67.06m

On back of sharply lower costs.

GuocoLeisure managed to grow its bottom line in FY15 despite muted income growth across its core businesses.

The group’s full-year net profit climbed 23% to $67.06m (US$47.9m) for the financial year ended on June 30.

GuocoLeisure's overall revenue declined by 8%, dragged by the British pound's weakness against the greenback coupled with lower oil and gas royalty and gaming revenue.

However, the implementation of an administrative cost-cutting program resulted in "significant" cost savings which managed to boost its net profit.

The group also enjoyed lower cost of sales and lower financing costs.

GuocoLeisure warned that its oil and gas business will continue to experience headwinds this year, while its London hotel portfolio will be impacted by its ongoing refurbishment program.

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