Galaxy profits double in 2012
Galaxy Entertainment Group Ltd has reported that its annual profit for 2012 was more than double that of 2011.
Net income in 2012 rose to HK$7.4 billion (US$953 million), up from HK$3 billion a year earlier, the company said in a statement to the Hong Kong Stock Exchange today.
The group’s full year revenue increased by 38 percent to HK$56.7 billion.
The local gaming operator reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of HK$9.8 billion, an increase of 71 percent year on year.
The group said that this was driven by Galaxy Macau’s first year of operations in Cotai.
Galaxy Macau’s full year revenue amounted to HK$33 billion and adjusted EBITDA to HK$6.5 billion, increased 102 percent and 152 percent respectively when compared to the seven and a half months of operation in 2011.