Galaxy’s first-half net profit up 35pct

2013-8-21

From：Macau Daily Times

Galaxy Entertainment Group Limited (GEG) yesterday reported unaudited results for the three and six month periods ending 30 June 2013. The group delivered a good performance in the first half of the year, generating revenue of USD30.8 billion and adjusted EBITDA of USD5.8 billion, an increase of 9% and 23% respectively year-on-year.  In a news release, Galaxy highlighted that the net profit attributable to shareholders grew by 35 percent to USD4.6 billion. GEG strengthened its liquid balance sheet reducing 35 percent in borrowings. Galaxy also said that phase two of Galaxy Macau is “on schedule and on budget” and will be completed by mid-2015. Analyzing the gaming segments, mass once again recorded the fastest rate of growth as Galaxy Macau’s mass net win improved from USD3.3 billion in the first half of 2012 to USD4.8 billion in the first six months of this year, an increase of 45%. StarWorld Macau also achieved excellent growth with net wins rising 50% from USD1.1 billion in the first half of 2012 to USD1.7 billion in the first half of 2013. Lui Che-woo, Chairman of GEG commented on the results: “We are very pleased to report improving financial results across the business and that Phase 2 of Galaxy Macau remains on schedule. The Group also expanded its existing Cotai landbank with the strategic purchase of the Grand Waldo Complex.  We also strengthened our balance sheet by prepaying a significant portion of our bank borrowings. I am particularly delighted that the half year culminated in the Group being included as a constituent of the Hang Seng Index,” he said, adding that Galaxy’s “development pipeline for Phases 2, 3 and 4 plus the Grand Waldo Complex on Cotai” position the gaming operator “for continued growth.”

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