SJM net up 4.5pc to $738m

Business | Stella Zhai and Reuters 30 Oct 2019

Hotel and casino operator SJM (0880) said third quarter net profits grew 4.5 percent year-on-year to HK$738 million.

Total net revenue and net gaming revenue both dropped 3.2 percent.

Net profit for the first nine months this year grew 9.6 percent over a year earlier to HK$2.42 billion.

Total net revenue for the third quarter amounted to HK$8.24 billion and net gaming revenue was HK$8.06 billion.

During the third quarter, the company's VIP gross gaming revenue dropped 42.6 percent from a year ago to HK$2.89 billion, pulling the first-nine-months figure down by 31 percent year-on-year to HK$10.35 billion.

The company's Grand Lisboa Hotel had an average occupancy rate of 91.3 percent and an average room rate of HK$1,516 per night in the third quarter, compared with 94 percent and HK$1,458 per night a year ago.

Also, the company's Grand Lisboa Palace at Cotai is almost completed and the company expects pre-operating government inspections to begin shortly, SJM said.

Shares of SJM stayed at HK$8.38 on Tuesday.

Elsewhere, Suncity (1383) unveiled plans to enter the fast-growing Philippines gambling market, with a deal to acquire 51 percent shares of local-listed operator Suntrust Home Developers at 1.1 billion pesos (HK$166 billion) and to subscribe Suntrust's new shares for a total of 2.55 billion pesos.

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