by winston » Wed Mar 01, 2017 6:26 am
vested
SJM net hit by competition
by Daisy Wu
Macau casino SJM Holdings (0880) posted a 5.6 percent fall in full-year net profit to HK$2.33 billion yesterday as increasing competition in the gambling hub has eaten into its market share.
Gambling revenue for the year fell 14.5 percent to HK$41.3 billion. Adjusted earnings before interest, tax, depreciation and amortization slid 11.5 percent to HK$3.41 billion. Basic earnings per share fell to 41.1 HK cents. A final dividend of 18 HK cents was declared, compared to 15 HK cents a year earlier.
SJM had a 19.1 percent share of Macau's gaming revenue, including 22.7 percent of mass market table gaming revenue and 17.3 percent of VIP gaming revenue, the casino said.
It held a market share of 23.2 percent in 2015.
Controlled by the family of former kingpin Stanley Ho, SJM has grappled with a downturn in Macau that has hit it harder than rivals such as Sands China (1928) and Galaxy Entertainment Group (0027), both of which have properties on the glitzy Cotai strip.
The company said the construction work on its integrated resort on Cotai, the Grand Lisboa Palace, made substantial progress in 2016, and is expected to be completed around the end of 2017 for opening in the first half of 2018.
SJM's shares were up 0.16 percent to HK$6.37 before the results were announced.
Source: The Standard
It's all about "how much you made when you were right" & "how little you lost when you were wrong"