Jon Cartu Announces SJM : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED... - Jonathan Cartu CPA Accounting Firm - Tax Accountants
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Jon Cartu Announces SJM : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED…

Saudi Aramco 2019 results: full financials

Jon Cartu Announces SJM : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED…








07/28/2020 | 05:51am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2020

The board of directors (the ”Board”) of SJM Holdings Limited (the ”Company”) hereby announces the unaudited consolidated interim results of the Company and its subsidiaries (collectively the ”Group”) for the six months ended 30 June 2020 (the ”Reporting Period”).

FINANCIAL HIGHLIGHTS

For the six months ended 30 June

2020

2019

(Decrease)

HK$ million

HK$ million

(unaudited)

(unaudited)

Total Group net revenue

4,374

17,074

(74.4%)

Net gaming revenue

4,272

16,720

(74.4%)

Adjusted EBITDA*

(984)

2,078

(147.3%)

(Loss) profit attributable to owners of the Company

(1,412)

1,679

(184.1%)

(Loss) earnings per share basic

HK(24.9) cents

HK29.6 cents

(184.1%)

diluted

HK(24.9) cents

HK29.6 cents

(184.1%)

Interim dividend per ordinary share

HK8.0 cents

* Adjusted EBITDA is earnings after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, gain/loss on disposal of property and equipment, share-based payments, sub-concession fee income and pre-opening expenses.

INTERIM DIVIDEND

The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2020 (six months ended 30 June 2019: HK8 cents per ordinary share).

OPERATING HIGHLIGHTS

. First half results of the Group were severely impacted by the COVID-19 outbreak, which led to closure of Macau casinos for 15 days in February, as well as ongoing restrictions on entry from the Mainland, Hong Kong and other locations, curtailment of transportation channels and quarantine requirements. The Groups net gaming revenue decreased by 74.4%, Adjusted EBITDA and profit attributable to owners of the Company decreased by 147.3% and 184.1%, respectively, from the year-earlier period, whilst the Groups Adjusted EBITDA Margin decreased to negative 22.5% from 12.2%.

. Mass market gross table gaming revenue of the Group decreased by 73.5% and VIP gross gaming revenue showed a decrease of 81.6% during the first half of 2020, compared with the year-earlier period. During the same period, slot machine gross revenue decreased by 59.2% compared with the year-earlier period.

. Sociedade de Jogos de Macau, S.A. (”SJM”) had a 15.0% share of Macaus gaming revenue, including 22.0% of mass market table gross gaming revenue and 8.6% of VIP gross gaming revenue.

. The Group maintained a strong financial position with cash, bank balances and pledged bank deposits of HK$7,511 million as at 30 June 2020.

. The Groups flagship Casino Grand Lisboa decreased gross gaming revenue by 80.7%, Adjusted Casino Grand Lisboa EBITDA and attributable profit decreased by 131.2% and 141.4%, respectively, as compared with the year-earlier period.

. The occupancy rate of Hotel Grand Lisboa decreased by 75.9% from the year-earlier period to 18.9%. Average daily room rate increased during the period by 9.5% to HK$1,628.

. Following completion of construction work on the Grand Lisboa Palace in late 2019, the Group began the inspection and application process with the Macau Government. Subject to obtaining the necessary operating permits, the project is expected to…

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