Company briefs: BP; Crown Resorts; GameStop

BP's profit soared in the first quarter to US$2.6 billion (S$3.4 billion), due to stronger oil prices and bumper revenue from natural gas trading as the energy company said it intends to resume share buybacks in the third quarter.

BP's net debt dropped by US$5.6 billion to US$33.3 billion at the end of last month, chiefly due to around US$4.8 billion worth of disposals and stronger oil prices.

That pushed debt below the firm's US$35 billion target sooner than expected, paving the way for it to deliver on its promise of buying back shares.

REUTERS

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Crown Resorts

Australian casino operator Crown Resorts yesterday said it has been fined up to US$778,600 (S$1 million) by the Victorian gambling regulator for failing to comply with regulatory requirements for its junket operations.

The Victorian Commission for Gambling and Liquor Regulation determined that Crown's engagement process with operators who bring high-rollers to casinos was not robust, as required by internal control statements that had previously been approved.

Junket operators are travel agents who bring big-spending gamblers, often from China, to Australian casinos.

REUTERS

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GameStop

GameStop raised US$551 million (S$730 million) through an equity offering as the video game retailer accelerates its shift to e-commerce, sending its shares 15 per cent higher in extended trading on Monday. The company, which was at the centre of a trading frenzy earlier this year, said it had sold 3.5 million shares in the at-the-market offering.

Based on Reuters' calculation, the average price of the shares sold was US$157.43. The company's stock has gained more than 850 per cent this year, due to a push by retail investors to drive up prices of heavily shorted stocks.

REUTERS