Galaxy Entertainment Group recorded a net profit of HKD1.06 billion (USD140 million) for the first half of 2009, compared to a loss for the six months ended 30th June 2008.
The company said group EBITDA increased 91 percent to HKD507 million for the half year, which also represented three consecutive quarters of group EBITDA growth.
StarWorld’s EBITDA increased 45 percent to HKD419 million for the half year, which also represented the fourth consecutive quarter of EBITDA growth said Galaxy.
The company said its cost reduction programme remains on track to deliver HKD200 million in annual savings.
It added that measures to strengthen its balance sheet included the reduction of debt by 30 percent from HKD6.51 billion (USD840 million) to HD$4.57 billion (US$590 million).
Cash held by Galaxy stood at HKD5.4 billion, as of June 30 and total cash exceeded total debt said the company.
It was also announced recently that Galaxy has formally accepted the terms and conditions for its Cotai Land Grant deal and has paid an initial instalment of HKD1.1 billion toward that land cost.
“After entering the Macau gaming market five years ago, Galaxy Entertainment Group has successfully transformed into a leading gaming operator in Macau, the largest and fastest growing gaming market in the world,” said the group’s chairman Dr Che-woo Lui in a prepared statement.
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