DOW JONES NEWSWIRES
By Kate O’Keeffe
HONG KONG (Dow Jones)–Sands China Ltd. (1928.HK) said Tuesday its third-quarter net profit more than doubled from a year earlier, driven by soaring gambling revenue growth in Macau and strong performances at its casinos in Macau’s Cotai area.
The company, which listed in Hong Kong in November 2009, said its net profit for the three months ended Sept. 30 totaled US$199.15 million under International Financial Reporting Standards, up from US$86.84 million a year earlier.
Revenue rose 27% to US$1.08 billion from US$846.03 million.
Sands China’s adjusted earnings before interest, taxes, depreciation and amortization, a measure widely used to evaluate the performance of gambling companies, rose 44% to US$327.9 million from US$228.2 million.
The company, around 70%-owned by Las Vegas Sands Corp. (LVS), didn’t recommend a dividend.
Las Vegas Sands last month reported Sands China’s third-quarter results on a U.S. Generally Accepted Accounting Principles basis. It said Sands China’s third-quarter net income more than doubled under GAAP to US$196.6 million from US$87.4 million a year earlier.
