/ 31 August 2021

Crown’s slip as Twiggy makes it rain

Crown Resorts

As Queen Elizabeth would say, the 2020-21 financial year has been an annus horribilis for Crown Resorts, and yesterday the numbers told the story. Australia’s largest casino operator posted a $261 million loss for the year compared to a $79.5 million profit in the previous financial year. COVID lockdowns and 3 big inquiries into the company’s suitability to hold their gaming licences will do that… Caretaker chair Jane Halton said it has been a “challenging year” – the understatement of the company reporting season… Someone with a bit more spring in their step is Fortescue Metals’ Andrew “Twiggy” Forrest. Yesterday, the company reported a $14.1 billion profit, and Forrest will pocket almost $4 billion in dividends. All up, Australia’s 3 big miners – Rio Tinto, BHP and Fortescue – reported a combined $65.5 billion in profits for the last financial year, thanks to a rock-stompin’ surge in iron ore prices.

Image source: Wolter Peeters

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