SJM Holdings’ quarterly loss declined by 78.4 per cent year-on-year.
Macau.- SJM Holdings has shared its financial results for the third quarter of the year. It posted a net gaming revenue of HK$5.41bn (US$693m), up 492 per cent year-on-year, and a loss attributable to owners of HK$410m (US$52.5m), down 78.4 per cent.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$566m (US$72.51m). Group net revenue rose by 470.8 per cent year-on-year to just below HK$5.87bn, including hotel, catering, retail, leasing and related services revenue of HK$455m.
Grand Lisboa Palace generated gross revenue of HK$1.08bn (US$138.36m), up 842.6 per cent year-on-year, with gross gaming revenue of HK$783m, up 1,602.2 per cent, and non-gaming revenue of HK$159m, up 1,225 per cent. Hotel occupancy rose to 85.4 per cent during the period, and adjusted property EBITDA was negative HK$27m (US$3.46m).
See also: SJM Grand Lisboa to be renovated in 2024
Meanwhile, Hotel Grand Lisboa generated gross revenue of HK$1.55bn. Gross gaming revenue was HK$1.46bn, up 1,345 per cent, and non-gaming revenue HK$301m. Adjusted property EBITDA was HK$373m, as compared with negative HK$223m in Q3 2022.
SJM Holdings had reported a net loss of approximately HK$2.76bn for the first half of the year. Revenue was down 20.9 per cent year-on-year at HK$4.13bn.
Daisy Ho, chairman of SJM Holdings Limited and managing director of SJM Resorts, said: “SJM Holdings’ results in the third quarter of 2023 show continued growth in Adjusted EBITDA and steady progress in the ramp-up of Grand Lisboa Palace.
“In addition, during the quarter, we continued our active support of the economic diversification of Macau through our investment and sponsorship of cultural, educational, gastronomic and sports activities.”