Companies

Sands China Q1 net profit rises 315%

(Xinhua)
Updated: 2010-05-11 11:15

HONG KONG: Sands China, the world's second-most valuable casino operator by market value, posted first-quarter earnings that quadrupled from a year ago, thanks to more gamblers at its Macao casinos and cost controls.

Sands China, whose rivals include Wynn Macau and Melco Crown Entertainment, reported net profit of $110.51 million for January-March, up from $26.66 million a year ago.

Related readings:  Sands China net income jumps as Macao gambling peaks  Sands China slumps 5%, despite Q4 gains  Sands China caught in Dubai turbulence  Sands China raises $2.5b after pricing IPO at bottom

The results were widely expected as Sands China had reported last Friday first-quarter profit of $113.3 million, according to US GAAP standards, together with Las Vegas Sands.

Most analysts say Sands China, 70 percent owned by US casino firm Las Vegas Sands, is their favourite pick among Macao casino stocks, due to its aggressive expansion plans and high exposure to the mass-market gambling segment, which is more resilient to economic turbulence.

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