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Casino operator SJM posts 49% profit growth for 2011

Mar. 2, 2012 (China Knowledge) - SJM Holdings Ltd<0880>, the largest casino operator by revenue in Macau, earned HK$5.31 billion in net profit last year, reflecting a year-on-year increase of 49% from HK$3.56 billion, principally boosted by surged gambling revenue in Macau.

The result was slightly lower than the average forecast of HK$5.48 billion made by 20 analysts at Thomson Reuters.

Revenue for 2011 soared 32% year on year from HK$57.65 billion to HK$76.09 billion, said the Hong Kong-listed firm, controlled by Macau gambling tycoon Stanley Ho.

Of the total revenue, nearly 70% of HK$52.78 billion was derived from the firm's VIP business, 36% more than that of 2010.

A final dividend of HK$0.43 and a special dividend of HK$0.22 per share were declared last year, while the company paid a final dividend of HK$0.30 in 2010.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled HK$6.92 billion last year, up 42.5% from a year earlier.

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