Galaxy doubles profits

 

Galaxy Entertainment Group Ltd. reported that its annual net profit more than doubled last year to HK$7.4 billion ($953 million) from HK$3 billion in 2011. Revenue rose 38 percent to HK$56.7 billion. The results benefitted from the first full year of operations for the Galaxy Macau resort, the company’s flagship complex, which generated HK$33 billion in revenue and adjusted earnings before interest, tax, debt and amortization of HK$6.5 billion. Galaxy said it had raised the budget for the construction of the second phase of the resort by HK$3 billion to HK$19.6 billion, with another HK$50 billion to HK$60 billion to be spent on the third and fourth phases. Galaxy’s StarWorld casino hotel also reported 10 percent growth in adjusted Ebitda.