Star Entertainment said on Wednesday it swung to an operating loss in the third quarter, as seasonal weakness, dwindling casino visitors and Queensland property closures from March storms battered the troubled Australian gambling operator.
For the quarter ended March 31, the company reported a loss in earnings before interest, taxes, depreciation, and amortization of A$21 million ($13.41 million), before significant items, compared with an EBITDA profit of A$38 million a year earlier.
Quarterly revenues, before significant items, fell 35% to A$271 million from last year.
Operating expenses fell 3% sequentially due to lower corporate costs and volume-related reductions.
Shares rose 2.4% to A$0.1075 by 0046 GMT, outperforming a 0.2% rise in the broader benchmark index.
