Revenue up but SJM loss widens

Casino operator SJM Holdings (0880) saw its net loss widen by 3.8 percent to nearly HK$1.47 billion year-on-year in the first half, despite growth in net revenue.

Its Ebitda loss shrank 48.2 percent to HK$510 million.

Total net group revenue rose 19.4 percent to HK5.22 billion as gaming revenue increased by 18.8 percent to more than HK$5.07 billion year-on-year.

The half-year mass market gross table gaming revenue of the group increased by 33.2 percent and VIP gross gaming revenue fell 37.5 percent.

Slot machine gross revenue also rose by 12.7 percent compared with the year-earlier period.

The occupancy rate of Hotel Grand Lisboa increased by 43.6 percent from the year-earlier period to 62.4 percent, while the average daily room rate decreased by 60.1 percent to HK$713.

No interim dividend is declared, with a basic loss per share of 25.8 HK cents.

SJM expects gross gaming revenues in Macau, as well as hotel, restaurant and other non-gaming activities that depend on tourism, will continue to be hit by Covid-19 for an indefinite period.

It also said revenue will not return to pre-pandemic levels this year.