Reef Casino raises profits estimate for H2

The company saw strong rental income from Reef Hotel Casino in the third quarter.

Australia.- Reef Casino Trust has raised its estimate for the distribution of profits come the end of the financial year after seeing strong income for Q3.

No profits were distributed for the first half of 2020 due to the impact of the Covid-19 pandemic. However, for H2, which ends December 31, the company plans to distribute 8.54 cents per unit – approximately AU$4.25m (US$3.15m) in total.  

The firm stated: “With just under 4 weeks’ trading to go before the end of the financial year, our current estimate of the distributable profit for the second half year 2020 is approximately AU$8.5m compared to 2019’s second half distributable profit of AU$5.2m.”

The firm said this was due to a solid performance during the period, especially during the third quarter of 2020, with strong rental income from the Reef Hotel Casino.

The rental payment was partially assisted by the government’s federal JobKeeper subsides.