PUB owner National Leisure & Gaming has been plagued by a year of write downs, the company recently reported a net loss of $112.62 million for the FY08.
The result is second year of negative results for the company after NLG posted a loss of $6.25 million for FY07. This is despite revenue growing from $60.25 million to $194.02 million.
This year the company revealed $86.1 million of impairments associated with the acquisition of the pub portfolio in 2007.
NLG said there have also been substantial delays in its refurbishment program. During FY2008 NLG was delayed in commencing and therefore completing its scheduled CAPEX works, the outcome of which was that the EBITDA for FY2008 (which relied upon the completion of the CAPEX program) was adversely affected.
NLG forecasts FY09 revenue will be approximately $205 million of which $88 million is forecast to come from consolidated gaming revenues.
Australian Property Journal
