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Sands China announces record 1Q results

  • 2014-05-09

2014-5-7

From:Macau Daily Times

 

Sands China announced record-setting financial results for the first quarter of 2014 Monday, with robust increases in three key performance indicators: net revenues, adjusted EBITDA and profit.
Total net revenues increased 34.8 percent to a quarterly high of USD2,706.0 million (HKD20,992.9 million) for the first quarter of 2014, compared to USD2,007.4 million (HKD15,585.9 million) for the first quarter of 2013.
Adjusted property earnings before interest, taxes, depreciation and amortization, or Ebitda, for the quarter increased 49.7 per cent to a quarterly high of USD937.4 million (HKD7,272.3 million), compared to USD626.0 million (HKD4,860.4 million) for the same quarter 2013.
Profit increased 65.8 per cent to a quarterly high of USD751.6 million (HKD5,830.8 million) for the first quarter of 2014, compared to US$453.4 million (HKD3,520.3 million) for the first quarter of 2013.
The quarter also saw a January 24 declaration of an interim dividend of HKD0.87 (equivalent to US$0.112) per share and a special dividend of HK$0.77 (equivalent to USD0.099) per share. Both the interim and the special dividends, amounting in aggregate to HKD13.23 billion (equivalent to USD1.71 billion), were paid on February 26. In addition, on March 14, the Board proposed the payment of a final dividend of HKD0.86 (equivalent to US$0.111) per share, subject to approval by shareholders. The total amount of the final dividend to be distributed is estimated to be approximately HKD6.94 billion (equivalent to US$893.6 million).
Wynn Macau Ltd. also reported first-quarter profits that beat analyst estimates. Ebitda rose 16 percent from a year earlier to USD384.3 million, according to a statement by parent company Wynn Resorts Ltd. Net revenue climbed 14 percent to USD1.13 billion.
Wynn Macau, which is building the USD4 billion Wynn Palace resort to add to its sole casino in the city, has been reallocating gambling tables to serve the so-called premium mass gamblers who bet in cash.
“Property upgrades completed in 2013 and table shifts from junket VIP to premium mass gaming area has allowed Wynn to deliver three consecutive quarters of Ebitda expansion,” Aaron Fischer, a Hong Kong-based analyst at CLSA Ltd., wrote in a note. The company’s planned renovation will sustain its growth, he said.

 

Copyright@Macau Daily Times