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SJM Holdings’ net profit up 70% year-on-year in first half 2011 – interim results

Newsdesk by Newsdesk
Wed 10 Aug 2011 at 10:50
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SJM Holdings has announced its interim results for the first half of 2011. Net profit was up by 70% to HK$2.67 billion (US$342.1 million) compared to the equivalent period a year earlier

Gross gaming revenue was up 42%, to HK$37.53 billion (US$4.81 billion). Adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) was up 56% to HK$3.49 billion.

The group’s adjusted EBITDA margin (Hong Kong GAAP basis, i.e., localised generally accepted accounting principles) improved to 9.2% from 8.4%. The company said it reflected greater operational efficiency achieved during the reporting period.
“On a quarterly basis, we completed our tenth straight quarter of growth in revenue and adjusted EBITDA, and we showed sustained improvement in our operating margin. We are optimistic about the balance of the year,” said Dr. Ambrose So, Chief Executive Officer of SJM Holdings, commenting on the interim results.

The group’s VIP gaming revenue, mass market table gaming revenue and slot machines operations revenue grew by 50.5%, 22.7% and 37.9%, respectively, in the first half of 2011, compared with the year-earlier period.

The casino operations unit Sociedade de Jogos de Macau, S.A. (SJM) continued to lead in market share of the Macau casino gaming market, with 38.2% of mass-market table gaming revenue, 30.1% of VIP gaming revenue, and overall gaming market share of 31.1%.

The group said it had maintained a strong financial position with cash, bank balances and pledged bank deposits of HK$18.2 billion as at 30 June 2011.

SJM Holdings said it had continued to obtain strong performance from its flagship Casino Grand Lisboa, which increased revenue, adjusted EBITDA and attributable profit by 64.4%, 62.2% and 55.9%, respectively, as compared to the year-earlier period.

Hotel Grand Lisboa achieved average occupancy of 89.3% and average daily room rate of HK$2,065, increases of 22.7% and 6.8% from the year-earlier period.

An interim dividend of HK$0.08 per ordinary share has been declared.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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