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Galaxy Entertainment reports 67% jump in net profit for FY'17

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Galaxy Entertainment reports 67% jump in net profit for FY'17

Galaxy Entertainment Group Ltd. on Feb. 28 posted a gain in full-year 2017 net profit amid the gaming market recovery in Macau.

The casino and hotel operator said net profit for the year ended Dec. 31, 2017, jumped 67% year over year to HK$10.5 billion, while revenue increased 18% to HK$62.5 billion.

Those results beat the S&P Capital IQ consensus estimates of HK$9.76 billion in profit and HK$61.4 billion in revenue.

Galaxy also saw its adjusted EBITDA rise 37% on the year to HK$14.1 billion.

"Despite increased competition both in Macau and regionally, combined with a number of geopolitical events occurring globally during 2017, we are encouraged to see that Macau is experiencing a continued market recovery," the company said in a statement.

Gross gaming revenue for 2017 was $258 billion, up 19% year over year. The metric was $70.3 billion for the fourth quarter of 2017, an increase of 20% year over year.

Revenue in the fourth quarter of 2017 also increased 13% on a quarter-on-quarter basis to HK$18 billion.

A continued rebound in tourism and the opening of the Hong Kong-Zhuhai-Macau bridge will further facilitate market recovery, according to the company.

"We remain confident in our outlook for Macau," it added. "In the medium to longer term, tourist markets in mainland China and Asia remain dramatically underpenetrated, offering opportunities for significant growth in tourism, leisure and travel."

Galaxy also proposed a special dividend of 41 Hong Kong cents per share, to be payable on or about April 27.