Despite the German promoter's return to profit, income is 85% less than this time last…
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Following its acquisition of Tao Group, the Madison Square Garden Company has revealed it grew operating income 19%, to $58.3m, in the second quarter of FY17
By IQ on 03 Feb 2017
The Madison Square Garden Company (MSG) increased year-on-year turnover 8% in the second quarter (Q2) of the 2017 financial year, its most recent financial results, released today, reveal.
Although the New York-based venues and sports group failed to match its growth in Q1, when revenues increased 21%, it did return to profit, posting operating income of US$58.3 million – up 19% – compared to a $38.2m loss in the first quarter.
Turnover in Q2, the three months ending 31 December 2016, stood at $445.2m.
“We are confident that with our continued commitment to delivering exceptional live experiences, we are well-positioned for attractive long-term growth”
“For the fiscal 2017 second quarter, we delivered robust top-line and adjusted operating income growth, driven by broad-based strength across our entertainment and sports businesses,” David O’Connor, MSG president and CEO, told investors.
“In addition to a strong quarter for our core operations, we took an important step in expanding our live offerings with our purchase of a majority interest in Tao Group, which adds a complementary world-class entertainment dining and hospitality group that generates substantial adjusted operating income with significant growth potential. Looking ahead, we are confident that with our continued commitment to delivering exceptional live experiences we are well-positioned for attractive long-term growth and asset value creation for our shareholders.”
The Madison Square Garden Company owns the eponymous 20,000-cap. New York entertainment and sports venue, as well as Radio City Music Hall and the Beacon Theatre in New York, the Chicago Theatre, the LA Forum, the New York Knicks and New York Liberty basketball teams and the New York Rangers ice hockey team.
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