Crane Co, a U.S. maker of equipment for the gaming and other industries, says its net profit rose to US$91.0 million in the second quarter of 2019 from US$80.7 million a year earlier.
Crane issued on Monday a written announcement saying the value of its second-quarter sales shrank by 1.1 percent to US$841.6 million.
The announcement blamed the contraction in sales on an unfavourable foreign exchange market subtracting US$16.0 million from the figure and divestitures subtracting US$1.5 million, even though core sales grew by US$8.1 million.
Second-quarter sales in the Crane Co. payment and merchandising technologies business, which counts the gaming industry as a customer, shrank to US$291 million from US$324 million.
A contraction in core sales in the payment and merchandising technologies business cut the figure by US$25 million, unfavourable foreign exchange dealings cut it by US$7 million and a divestiture cut it by US$1 million.
The announcement quoted Crane Co president and chief executive Max Mitchell as saying: “All of our businesses are executing well, and we continue to drive both growth and productivity initiatives across our businesses.”
Mr Mitchell continued: “We have a full funnel of opportunities that we will continue to pursue in the quarters ahead.”
The company now forecasts that its sales in 2019 will be US$3.3 billion as core sales decline and the foreign exchange market works against it.
In a separate written announcement, also issued on Monday, Crane Co declared a regular quarterly dividend of US$0.39 per share for the third quarter of 2019.
The dividend is payable on September 9 to shareholders of record at the close of business on August 31.
Oct 22, 2021Starting from the stroke of midnight on October 24 (Sunday), travellers arriving in China’s capital Beijing from Macau are no longer required to undergo a 14-day period of “centralised medical...
”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters