Guocoleisure: 2QFYJun12 results.
Net profit -34.6% yoy at US$12.5m, as revenue fell and operating expenses increased across the board.
Revenue slid 5.1% yoy at US$92.9m, mainly due to lower revenue generated from the gaming segment.
However, Bass Strait oil & gas royalty grew 7.2% yoy to US$11.9m, as a result of higher avg crude oil and gas prices.
The co notes the continuing uncertainty in Europe has adversely affected business sentiment particularly in the hospitality business in the UK, and remains cautious about outlook for the rest of the year.
The stock trades at 0.67x P/B, 8.9x P/E.
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