(Reuters) – Australia’s Star Entertainment reported a narrower second-quarter loss on Monday compared with the previous three-month period, as the casino operator benefited from its cost-cutting program and strong performance of December

The debt-laden gaming company has been struggling with a number of issues, including multiple regulatory inquiries and lengthy casino closures.

The company’s shares fell 3.6% to A$0.135 at 2355 GMT, while the benchmark index rose 0.4%.

Star reported a loss before interest, tax, depreciation and amortization of A$8 million ($4.95 million) excluding significant items for the three-month period ended December, compared with a loss of EBITDA of A$18 million in the first quarter.

Star, which is in the midst of a cash crunch, reported an 18% decline in its operating expenses to A$52 million, citing lower corporate costs among other things.

The casino operator also said its cash on hand was A$78 million at the end of December.

“The results for the period reflect continued weakness in the group’s operating performance due to the ongoing challenging consumer environment … costs associated with ongoing repair activities,” the company said in a statement.

The Brisbane-based company reported a 15% drop in revenue to A$299 million from the last quarter.

($1 = AUD$1.6150)

(Reporting by Rajasik Mukherjee in Bangalore; Editing by Diane Craft and Subhranshu Sahu)