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Sands China profit misses consensus by 47.4% in Q1

Sands China Ltd. said its normalized net income for the first quarter amounted to 3 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS decreased 55.9% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $212.1 million, a decrease of 56.0% from $481.8 million in the year-earlier period.

The normalized profit margin fell to 12.1% from 17.8% in the year-earlier period.

Total revenue decreased 35.0% year over year to $1.76 billion from $2.71 billion, and total operating expenses fell 26.5% year over year to $1.41 billion from $1.92 billion.

Reported net income fell 54.2% from the prior-year period to $344.6 million, or 4 cents per share, from $751.6 million, or 9 cents per share.