SJM profits up 27 pct, paying dividend

SJM Holdings (880:HK) reported a 27 percent increase in annual profits in a statement to the Hong Kong stock exchange. Net income grew to $870 million from $683 million in 2011. The operator proposed a special dividend of 30 Hong Kong cents per share on top of a final dividend of 50 Hong Kong cents. Company officials said they are considering participating in the development of a piece of land in Cotai that is adjacent to the casino resort SJM is developing. According to UBS, the land is owned by Angela Leong, a director and major shareholder of SJM, and is approved for nongaming leisure usage, such as a theme park.