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MGM China Holdings H2 profit climbs 19.8% YOY

MGM China Holdings Ltd said its second-half normalized net income amounted to 29 Hong Kong cents per share, a gain of 19.8% from 24 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$1.08 billion, a gain of 19.8% from HK$904.5 million in the year-earlier period.

Total revenue declined on an annual basis to HK$7.75 billion from HK$7.97 billion, and total operating expenses declined 6.3% from the prior-year period to HK$6.00 billion from HK$6.40 billion.

Reported net income rose 22.8% on an annual basis to HK$1.74 billion, or 46 cents per share, from HK$1.42 billion, or 37 cents per share.

For the year, the company's normalized net income totaled 50 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 76 cents.

EPS declined from 52 cents in the prior year.

Normalized net income was HK$1.91 billion, a fall from HK$1.99 billion in the prior year.

Full-year total revenue declined 13.2% on an annual basis to HK$14.91 billion from HK$17.17 billion, and total operating expenses decreased 14.8% year over year to HK$11.81 billion from HK$13.86 billion.

The company said reported net income fell year over year to HK$3.04 billion, or 80 cents per share, in the full year, from HK$3.12 billion, or 82 cents per share.