Annual net profit at GuocoLeisure, which was formerly Brierley Investments, fell 43%, largely because of a higher tax bill and lower Bass Strait oil and gas royalties.
GuocoLeisure, an investment company based in Singapore, said net profit for the 12 months to the end of June dropped to $US43.6 million $US77 million the previous year.
If one-off items, which boosted the previous year's result, are removed, the company said profit was down just over 12%.
Revenue rose 2.8 percent to more than $US380 million , mainly because of higher revenue at its hotels in Britain during the 2012 Summer Olympics.
However, both revenue and earnings in Britain, where most of its operations are located, were impacted by continuing market uncertaintly in Europe.
Gaming operations there saw earnings and revenue fall because of lower margins.
GuocoLeisure's Bass Strait royalties fell nearly 17% due to lower average crude oil prices and lower oil production.
The company's tax bill jumped from $US1.3 million the previous year to $US15.5 million.