SJM reports HK$397m net loss in third quarter as revenues drop
Macau casino operator SJM posted a HK$397 million net loss for Q3, reversing a HK$9 million profit a year earlier. Net revenue fell 24.8 per cent to HK$5.29 billion, with gaming revenue down 27.2 per cent. The company also reported a HK$692 million net loss for the first nine months of the year.
Macau's casinos and resorts operator SJM (0880) reported a net loss of HK$397 million for the third quarter, compared with a net profit of HK$9 million in the same period last year, according to the company's latest financial results.
During the third quarter, SJM's total net revenue fell 24.8 per cent to HK$5.29 billion. Net gaming revenue dropped by 27.2 per cent to HK$4.76 billion, while adjusted earnings before interest, taxes, depreciation, and amortisation declined 20 per cent to HK$705 million.
Grand Lisboa Palace Resort, the integrated resort owned by SJM, recorded gross revenue of HK$1.7 billion during the quarter. This included gross gaming revenue of HK$1.37 billion and non-gaming revenue of HK$344 million. In comparison, the Grand Lisboa resort recorded gross revenue of HK$1.81 billion, comprising gross gaming revenue of HK$1.73 billion and non-gaming revenue of HK$79 million.
For the nine months ended September this year, SJM recorded a net loss of HK$692 million, widening from a loss of HK$173 million in the same period last year.