The Star Entertainment Group (ASX:SGR) has reported a net loss after tax of $301.9 million for the half-year ended December 31, 2024. This is a stark contrast to the previous corresponding period. Revenue from ordinary activities decreased by 16.4% to $649.6 million on a normalised basis or $724.0 million on a statutory basis.
The normalised results, which exclude significant items, reveal a loss before interest, tax, depreciation, amortisation and significant items of $26.4 million. Depreciation and amortisation expenses amounted to $30.9 million, a decrease of 50.3%. The company’s share of associates’ loss was $21.0 million, while net interest expense increased slightly by 5.9% to $19.7 million.
Significant items, which heavily impacted the statutory results, included impairment of the investment in DBC joint venture, debt refinancing costs, and regulatory, fines, penalties, duty, consultant, redundancy, legal and other costs, including movements in regulatory and legal provisions, totalling $166.2 million. Income tax expense also increased significantly by 227.8% to $37.7 million.
No interim dividend was declared for the period ended December 31, 2024. The net tangible asset backing per ordinary share decreased to $0.15 from $0.76 in the previous corresponding period, excluding right-of-use assets. The company’s financial report and director’s report are available on the ASX.
