SJM reports net loss of HK $ 409 million in Q1

As expected, the casino’s operations were “severely impacted” by the COVID-19 pandemic

SJM Holdings Ltd issued an announcement that the performance of the first quarter of 2020 was severely affected by public health incidents, in which casinos in Macau, China were closed for 15 days in February. Measures that are still being implemented include regional entry restrictions and transportation controls.

The Group’s gross gaming revenue in the first quarter of 2020 accounted for 13.3% of Macau’s casino gaming revenue.

As a result, the Group total revenue, gaming gross revenue and net gaming revenue for the first quarter of 2020 decreased by 62.1%, 62.2% and 59.8% compared to the first quarter of 2019, respectively.

The profit attributable to the owners of the company decreased from HK $ 850 million in the first quarter of 2019 to a net loss of HK $ 409 million in the first quarter of 2020, a decrease of 148.1%.

The Group’s gross gaming revenue in the first quarter of 2020 accounted for 13.3% of Macau’s casino gaming revenue, compared with 14.1% in the first quarter of 2019.

The Group obtained cash, bank balances and pledged bank deposits of HK $ 12.114 billion, total debt of HK $ 15.238 billion, and shareholders’ equity of HK $ 28.549 billion on March 31, 2020.

In addition, following the completion of the ‘Grand Lisboa Palace’ project at the end of 2019, the Group has initiated inspection and application procedures for the project with the Macau government. After obtaining relevant operating permits, the project is expected to open at the end of 2020.

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