SJM Holdings Limited Announces Interim Results for Six Months Ended 30 June 2009
(Hong Kong, 15 September 2009) – SJM Holdings Limited (the “Company”) today announces the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2009.
The Board does not recommend the declaration of an interim dividend for the six months ended 30 June 2009 (six months ended 30 June 2008: nil).
Compared with the first half of 2008, EBITDA declined significantly less than profit attributable to owners of the Company, due to increased depreciation and interest cost resulting from completion of Hotel Grand Lisboa in December 2008.
Sociedade de Jogos de Macau, S.A. (“SJM”) continued to lead in market share of the Macau casino gaming market, with 40.2% of mass market table gaming revenue and 26.0% of VIP gaming revenue, and increased its overall market share to 29.6% from 27.1% in the same period last year.
The Group maintained a strong financial position with cash, bank balances and pledged bank deposits of HK.3 billion as at 30 June 2009.
SJM’s mass market gaming revenue grew by 4.6% in spite of a downward trend in the market.
Declines in SJM’s total gaming revenue of 4.3% and VIP gaming revenue of 9.9% compare favourably with declines in the Macau market by 12.4% and 19.0% respectively.
SJM reduced operating expenses by HK9 million from the first half of 2008.
Compared with the second half of 2008, profit attributable to owners of the Company increased by 50.2% to HK8 million from HK5 million.
Casino Grand Lisboa continued to perform strongly in mass market gaming for the first half of 2009 with mass market table gaming revenue increasing by 12.3% and slot machine revenue up by 24.2% compared to the same period in 2008.
VIP chips sales at Casino Grand Lisboa fell by 20.2% as compared with the first half of 2008 due to the decline in the VIP market as a whole and the consolidation of a major VIP gaming promoter to another location within the group.
Casino Grand Lisboa EBITDA was HK0 million, a decline of 11.1% as compared with the first half of 2008 due to increased commissions to VIP gaming promoters. EBITDA margin remained at 17.7% which was the same as the first half of 2008.
Additional VIP rooms on the 36th and 37th floors of the Grand Lisboa are nearing completion and are scheduled to be operational from October 2009.
Hotel Grand Lisboa was fully open during the period, contributing to increases in visitation to the property and quality of gaming visitors.
SJM plans to open Casino L’Arc on 21 September 2009 and Casino Oceanus is scheduled to be opened around the end of 2009.
Commenting on the interim results, Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said, “It is notable that our Company’s performance has improved significantly from the second half of 2008. We have made progress in improving operating efficiency and growing our mass market business, while continuing to maintain a strong financial position. We are on schedule to open Casino Oceanus, the newest major addition to our portfolio, around the end of this year.”
Further information on SJM Holdings Limited including the Company’s audited interim financial statements can be found on www.sjmholdings.com.