SJM Q1 EBITDA US$111 mln Revenue Growth Loss Cuts
Macau casino operator SJM Holdings reported adjusted earnings of HK$864 million ($110.5 million) in interest, taxation and depreciation (EBITDA) in the first quarter of 2024, compared with HK$31 million a year earlier, it said in an unaudited highlight to the Hong Kong Stock Exchange on Thursday.
A separate press release said the company had "exceptional" results in the first three months of the year and "record impressive profits in many ways."
SJM Holdings achieved an adjusted EBITDA margin of 12.5% in the first quarter of 2024, up 11.7 percentage points from a year ago and above the margin of 12.4% recorded in the first three months of 2019. 파워볼사이트
The Company reported a loss from shareholders of HK$74 million in the first quarter of 2024, an improvement from a loss of HK$869 million in the prior-year quarter.
The group posted a gross net profit of HK$6.92 billion in the January-March period, up 73.0% from a year earlier and about 80% of the level in the first quarter of 2019.
SJM Holdings saw game total revenue (GGR) of HK$6.89 billion in the first half of 2024, up 77.3% year over year and up about 9.0% sequentially.
The first-quarter biroling GGR for the group's self-promoting casinos "reached 134% in the first quarter of 2019," the company said.
Rolling GGR was HK$645 million during the reporting period, up 220.9% year-over-year. In the first quarter of 2024, non-rolling GGR was HK$5.71 billion, up 71.9% year-over-year, while electronic gaming revenue was HK$535 million, up 47.0% year-over-year.
Corporate data showed the company's gaming net sales were slightly above HK$6.46 billion, up 74.5% year-over-year, but still about 34% lower than the gaming net sales of HK$10.42 billion in the same quarter of 2019.
"These strong results not only signal a strong recovery but also reflect the Group's ongoing efforts to increase its biroling market segment, as well as early promising results from the 'One Platform' initiative launched in late December 2023," the Company added.
In early March, SJM Holdings executives cited the introduction of a new "centralized platform" to manage self-propelled properties and relocate existing satellite casinos in late December.
The centralized system aims to "better manage operating costs and improve synergies between properties," it said in a release on Thursday.
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