SJM Holdings announced on Tuesday that its net profit rose 9.6 per cent year-on-year to HK$2.4 billion in the first nine months, while its net profit in the third quarter grew 4.5 per cent year-on-year to HK$738 million.
Adjusted EBITDA rose 3.4 per cent to HK$950 million in the third quarter, while the figure increased 5.2 per cent to HK$3.03 billion in the first nine months of the year.
Macau’s oldest gaming company announced the upbeat figures in a statement to the Hong Kong Stock Exchange.
However, net gaming revenue dropped 3.2 per cent year-on-year to HK$8.06 billion in the third quarter. In the first three quarters, net gaming revenue fell 1.6 per cent to HK$24.7 billion patacas. Net gaming revenue equals gross gaming revenue less commissions and incentives.
According to the statement, construction of the Grand Lisboa Palace integrated resort in Cotai is nearing completion and the company “expects pre-operating government inspections to begin shortly.”
According to the statement, the company owns four self-promoted casinos (Grand Lisboa, Lisboa, Oceanus at Jai Lai, and Casino Taipa) and 16 casinos operated by third parties.
In the third quarter, the company operated an average of 286 VIP gaming tables, 1,503 mass-market tables and 2,563 slot machines.
Total VIP chips sales in the third quarter reached HK$93 billion, when the VIP gaming hold percentage before commission and discounts stood at 3.10 per cent.
According to the Macau Post Daily, SJM Holdings’ capital expenditure in the third quarter was HK$1.08 billion, “which was primarily for construction in progress and furniture, fixtures and equipment,” according to the statement.
“We are pleased to note that SJM has continued to show positive results in the recent quarter,” the statement quoted SJM Holdings Vice Chairman and CEO Ambrose So Shu Fai as saying. So also said that “in spite of challenges in the global economy, the revenues and earnings from our mass-market gaming business have more than compensated for the uncertainties which are affecting VIP gaming in Macau.”