(Reuters) - Australian casino operator Star Entertainment Group
The company also reported a 30.7% drop in normalised revenue for its VIP business for the full year and a 35.6% slide in core earnings.
Star had cut its full-year core earnings outlook in June and its Chief Executive Officer Matt Bekier had told Reuters that its high-stakes gamblers were unwilling to take big risks amid uncertainty stemming from the prolonged U.S.-China trade dispute.
Star said on Friday while its VIP business volumes were up so far this year, it was too early to provide a comparison.
The Sydney-based firm also lowered its capital spending for 2020 by A$140 million and cut its dividend to 10 cents per share from 13 cents per share declared a year earlier.
For the year ended 30 June, the company's normalised profit after tax, which is adjusted to remove win rate volatility and exclude significant items, was A$224 million ($151.74 million).
In a separate statement, the company also announced the departure of its Chief Financial Officer Chad Barton.
($1 = 1.4762 Australian dollars)
(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Arun Koyyur)