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Sunday, August 10, 2008

Rank Profits Down, Guoco And Genting Shareholdings Up

You'll have to forgive the lateness of this post, I've been away the last week, and I'm just clearing out my email backlog when I spotted this story about Rank at the bottom of the stack. It's over a week old, but of if you haven't already seen it, then it's worth noting. There's a good write up about the company's interim report at Forbes, and rather than pick the highlights, you can read it yourself here.

It's worth noting that there is some positive news despite the gloomy figures, Ian Burke reckons the company has "stabilised its financial performance" which is good news, and there are improvements over the latter six months of 2007 when the Smoking Ban was first brought in. It's also worth noting that aside from this report, the Guoco Group is increasing to raise its shareholdings in the Rank Group, recently it announced it increased to an 18.08% share of the groups's stocks. Genting are still in the running too, they've been increasing their stake in the company and now hold 12.67% of the group's stocks.

With the threat of a takeover looming, and difficuly trading conditions ahead with the credit crunch to worry about as well, it looks like the industry as a whole is in for continued rough weather and heavy sailing. Here's hoping the small improvements the Rank Group have seen can keep the company going and in its present form.

Posted at 10:34 PM |

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