SJM 2010 profits, revenues soar
Annual profits were HK$3.56 billion (US$456.6 million) on revenues of $HK57.195 billion (US$7.34 billion). The annual profit exceeded Thomson Reuters I/B/E/S forecasts of HK$3.3 billion.
For the fourth quarter, SJM posted a 160 percent gain in profit on revenue growth of 19.3 percent, which exceeded the Macau market average of 16.3 percent.
SJM also cited the following operating highlights:
• SJM continued to lead in market share of the Macau casino gaming market, with 40.1 percent of mass market table gaming revenue and 29.5 percent of VIP gaming revenue, and increased its overall market share to 31.3 percent from 29.4 percent in 2009.
• Casino Grand Lisboa continued to perform strongly in 2010, contributing Adjusted EBITDA of HK$2.56 billion for the year and Adjusted EBITDA margin of 16.4 percent on the basis of Hong Kong generally accepted accounting principles. If prepared on the basis of United States generally accepted accounting principles, the Adjusted EBITDA margin of Casino Grand Lisboa would be 26.4 percent for 2010.
• Casino Grand Lisboa's daily net-win per mass market gaming table increased by 23.5 percent, net-win per VIP table increased by 7.8 percent and net-win per slot machine increased by 12.2 percent.