Galay Entertainment interim income soars to HK$7.2b

Business | 8 Aug 2018 6:34 pm

Casino resorts owner and operator Galaxy Entertainment (0027) reported an interim net profit of HK$7.2 billion, up 56 percent on-year, driven by strong mass and VIP business.

Adjusted earnings before interest, taxes, depreciation and amortization grew by 34 percent to HK$8.6 billion

Net revenue climbed by 25 percent to HK$28.1 billion.

The company also announced another special dividend of 50 HK cents per share payable on or about October 26 this year.

Deputy chairman Francis Liu said that despite the trade conflict and yuan’s depreciation, he is optimistic about the long-term due to the strong spending power of the mainland middle class, and leisure and tourism demand.

Commenting on the project in the Philippines, which was stopped by the local government, Lui said that Boracay is an ideal place for investment. The company, he said, will support the Philippine government to replan the project to achieve a win-win situation. Only 50 or 60 gambling tables are planned at the resort.

JPMorgan and Credit Suisse said in reports that Galaxy Entertainment's performance in the second quarter was ahead of expectations and market forecast. They retain an overweight and outperform ratings respectively.

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