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Galaxy Entertainment's net profit soars 8 fold in H1

Aug. 28, 2012 (China Knowledge) - Galaxy Entertainment Group Ltd<0027>, a casino operator controlled by the family of Hong Kong businessman Lui Che-woo, has said that its net profit skyrocketed more than eight times to HK$3.45 billion in the first half of this year from HK$378.3 million in the same period of 2011.

The robust profit growth was boosted by a new casino opened in May 2011 and a steady flow of mainland visitors into the world's largest gambling destination.

Earnings before interest, taxes, depreciation and amortization reached HK$2.9 billion in the first six months.

The company's revenue more than doubled to HK$28.32 billion in the six-month period from HK$13.67 billion in the corresponding period of last year.

Galaxy Entertainment, 13% held by European private equity firm Permira, proposed no interim dividend.

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