Australia’s Crown Ltd. posts second half profit, stock soars

Crown-Ltd-ProfitAustralia’s largest casino company, Crown Ltd., posted a $177M second-half profit via strong earnings at its Melbourne and Perth casinos, which helped send its stock as much as 4.4% higher. Crown’s numbers look even better when compared to the $119M posted by their rivals at Tatts Group. Of course, Tatts was dealing with one-off writedowns this half, whereas Crown got their writedowns out of the way in the previous half, which means it’s a bit like comparing apples and oranges, or in this case, tits and Tatts. Read more.