,Hong Kong

SJM Holdings’ loss attributable to owners rose to HK$1.47b in H1

It reported a HK$1.4b loss in the same period last year.

Loss attributable to owners of SJM Holdings Limited widened by 3.8% year-on-year (YoY) to HK$1.47b in the first half of 2021 from HK$1.4b loss reported in the same period last year.

SJM Holdings’ Group net revenue rose 19.4% to HK$5.2b YoY in the first half from HK$4.4b in the same period last year, whilst its net gaming revenue increased 18.8% YoY to HK$5.1b from HK$4.3b.

The increase in revenue was due to the increases from mass-market table gaming revenue and slot machine gaming revenue, it said.

Mass market gross gaming revenue rose 33.2% to HK$4.4b in the first half from HK$3.3b last year, whilst slot machine gross gaming revenue increased 12.7% to HK$265m from HK$235m in the first six months of 2020.

VIP gross gaming revenue, meanwhile, declined 37.5% to HK$855m in the first half from HK$1.4b in the same period last year.

The group’s adjusted loss before interest, taxes, depreciation, and amortisation was at HK$510m in the first half, an increase of 48.2% from HK$984m in the same period last year.

It also said that the occupancy rate in Grand Lisboa Hotel rose 62.4% during the period but the average daily room rate decreased 60.1% to HK$713.

The occupancy rate at Jai Alai Hotel and Sofitel at Ponte 16 also rose 49.7% and 53%, respectively. But the average daily rate at Jai Alai Hotel declined 66% to HK$208, whilst Sofitel fell 51.9% to HK$492.

SJM Holdings said it expects gross gaming revenues in Macau as well as hotel, restaurant, and other non-gaming activities dependent on tourism to continue to be negatively affected by COVID-19.

“As certain travel restrictions are likely to be gradually lifted, given the increasing level of vaccination throughout the region, we are cautiously optimistic that visitation and spending will respond positively,” it said.

“However, we do not expect a return to our pre-pandemic level of revenue during 2021. Even after travel restrictions are lifted, moreover, it is not possible to predict whether there will be lingering economic effects and health concerns caused by COVID-19 that will affect our business for a longer period,” it added.

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