Australia’s Aquis Entertainment, operator of Casino Canberra, returned to profit in the six months to 30 June 2021, aided by improved business volumes and “controlled spending”.
According to the company’s financial statements, Aquis reversed a 1H20 loss of AU$2.7 million to sneak into profit at AU$366,365, despite operating with COVID-19 trading restrictions in place. Revenue for the period grew 147.5% to AU$14.6 million while EBITDA soared by 456.4% to AU$2.1 million.
Aquis said the improvement was the result of “successful targeted investment in the business and ongoing controlled spending.”
It also noted that the 1H21 results had exceeded pre-year targets, however maintaining momentum through the remainder of 2021 looks unlikely with a COVID-19 outbreak in the ACT having forced Casino Canberra to suspend operations from 12 August. With 23 new cases on Wednesday, there is no clear indication of when operations might resume.
Aquis also announced this week the appointment of Sydney-based Chartered Accountant Mark Purtill as a new independent non-executive director following the retirement of Chairman and major shareholder Tony Fung.
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