SYDNEY, Feb 16 (Reuters) - Australia's No. 2 casino company, Star Entertainment Ltd (SGR), said first-half net profit slumped by more than a third as an unusually large number of high-end gamblers won games, but said its underlying trading volume was growing.
Net profit came in at A$60.3 million for the six months to Dec. 31, down 37.9 percent on the prior first half and below analyst expectations of about A$112.6 million.
The company blamed a low win rate against its international VIP gamblers of 0.88 percent, from 1.35 percent in the previous first half. It said that excluding volatility in its win rates, underlying net profit jumped 26 percent to A$142 million.
