Jul 23, 2019 Newsdesk Industry Talk, Latest News  
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.
Dec 07, 2020
Oct 27, 2020
Jan 25, 2021
Jan 25, 2021
Jan 25, 2021
The Philippine Senate (pictured) and House of Representatives have respectively approved amendments to the country’s Anti- Money Laundering Act, known as the AMLA, adding Philippine Offshore Gaming...
(Click here for more)
"We have estimated that on average, the [daily] visitor arrivals for this year’s Chinese New Year break could turn out to be a bit weaker than for the Christmas holiday period"
Maria Helena de Senna Fernandes
Director of the Macao Government Tourism Office