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SJM profit drops 15.6 pct in 2017

SJM said Wednesday that its profit dropped 15.6 percent to HK$1.96 billion patacas last year, even though its gaming revenue rose 0.1 percent to HK$41.29 billion.

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UPDATED: 22 Dec 2023, 5:51 am

SJM said Wednesday that its profit dropped 15.6 percent to HK$1.96 billion patacas last year, even though its gaming revenue rose 0.1 percent to HK$41.29 billion.

According to a statement by SJM Holdings Limited, hotel, catering, retail and other income fell 4.5 percent to HK$731 million.
Adjusted EBITDA decreased 10.0 percent to HK$3.07 billion.

The statement revealed that SJM had a share of 16.1 percent of Macau’s gaming revenue last year, including 20.8 percent of the city’s mass market gaming revenue and 13.6 percent of VIP gaming revenue.

The statement acknowledged that construction of the Grand Lisboa Palace resort in Cotai was “adversely affected by the category 10 Typhoon Hato in August 2017 and a fire incident in September 2017.”

The statement said that the company was “still striving to complete construction by the end of 2018 in the absence of other unforeseen events and seek the relevant licences to begin operation as soon as possible thereafter.”

The statement quoted SJM Holdings CEO Ambrose So Shu Fai as saying that “Macau saw the beginning of a turnaround in its casino gaming market in 2017, and SJM has entered 2018 in a strong position”.

UPDATED: 22 Dec 2023, 5:51 am

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