HONG KONG, Nov 24, 2010 - (ACN Newswire) - Emperor International Holdings Limited ("Emperor International"; HK:0163) & Emperor Entertainment Hotel Limited ("Emperor Entertainment Hotel"; HK:0296) today jointly announced 2010/11 interim results for the 6 months ended 30 September 2010 (the "Period").
Emperor International Holdings Limited
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HK$ '000 (Unaudited) For the 6 months ended 30 September
2010/2011 2009/2010
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Total Turnover 833,870 638,575
- Investment Property For Rental 188,948 158,333
- Property Development For Sale 930 380,115
- Hotel and Other Related Services 643,992 100,127
Revaluation (Loss)/Gain on Properties 1,126,204 1,179,737
Profit attributable to Owners of Company 997,244 1,323,736
Earnings per Share (Basic)(HK$) 0.34 0.73
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Attributable to the steady growth of rental income contributed by the Emperor International's high-quality investment property portfolio and significant increase of income from self-run hotels, it reported total revenue of approximately HK$833.9 million during the Period, representing an increase of 30.6%. Excluding the revaluation adjustment, its earnings before interest, tax, depreciation and amortisation ("EBITDA") amounted to HK$331.5 million. Profit for the Period attributable to owners of the Company was HK$997.2 million. As at 30 September 2010, its' net asset value and net asset value per share amounted to HK$10,001.4 million and HK$3.37 per share respectively. Emperor International proposed an interim dividend of HK$0.048 per share.
Investment Property -
Emperor International strategically acquired the retail properties located at the favourite spots area of mainlander visitors with high pedestrian flow, including Canton Road in Tsim Sha Tsui and Russell Street in Causeway Bay. It recorded overall occupancy rate of over 98% for its retail properties as at 30 September 2010, attributable to the prime location of the majority of retail properties. Other key investment properties include shopping mall at Emperor Group Centre in Wanchai, Fitfort Shopping Arcade in North Point, Emperor Plaza in Tsuen Wan and commercial/industrial complex at Emperor International Square in Kowloon Bay.
At Russell Street, Causeway Bay, one of the world's top two streets with highest shop rental rate, it further extended its coverage by acquiring the whole block of building at nos. 22 and 24 on the street during the Period. This further enhanced Emperor International's property portfolio and consolidated its leading position on the premium retail shops.
Property Development -
To capture the growing demand for residential properties, it has commenced the pre-sale of Harbour One, a sea-view luxury residential development in Western District and The Java, a high-end multi-storey composite building in North Point on 2 May 2010 and 24 July 2010 respectively. Well received by overwhelming market response, over 52% of Harbour One and 86% of The Java have been sold as at 30 September 2010. It is anticipated that such sales proceeds will be booked in the financial year of 2012/2013.
Mr. Donald Cheung, Executive Director of Emperor International, said, "Meanwhile, we have a redevelopment site on Shing On Street, Sai Wan Ho. It is a single residential tower block with a total gross area of approximately 83,000 square feet. Substructure works was still in progress with the target completion of work in 2013. We plan to offer the residential units for pre-sale in mid- 2011."
Hotel Operations and Related Services -
The segment mainly includes revenue from Emperor (Happy Valley) Hotel in Hong Kong and contributions by Grand Emperor Hotel in Macau whose income from hospitality and related services had been consolidated. During the Period, Emperor (Happy Valley) Hotel strived to boost its business from overseas customers and diversify its guest mix. It had also continued to put great weight in developing high-yield corporate customers.
Ms. Vanessa Fan, Managing Director of Emperor International, said, "In light of the increasing number of mainland visitors over the years, we will enjoy substantial and stable rental income at the prime shopping district area. Riding on the rising market demand on luxury residential units, we have confidence to achieve compelling growth in the future. With our excellent market insights backed by our strong team, we will become a key property player in Greater China."
Emperor Entertainment Hotel Limited
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HK$ '000 (Unaudited) For the 6 months ended 30 September
2010/2011 2009/2010
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Total Turnover 618,143 417,684
- Gaming Revenue 544,712 339,116
- Hotel Revenue 73,431 78,568
Gross Profit 432,104 299,323
EBITDA (after minority interest) 173,16 583,439
Profit attributable to Owners of Company 170,020 51,275
Earnings per Share (Basic)(HK$) 0.13 0.05
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Riding on the steady recovery of global economic and strong growth of gaming and entertainment industry in Macau, Emperor Entertainment Hotel achieved satisfactory results for the Period. It reported revenue of approximately HK$618.1 million, representing an increase of 48.0%. EBITDA after minority interests amounted to HK$173.2 million, representing a significant surge of 107.5%. Profit for the Period attributable to owners of the Company increased by 231.6% to HK$170.0 million. Basic earnings per share amounted to HK$0.13. Emperor Entertainment Hotel proposed an interim dividend of HK$0.04 per share.
Gaming Revenue -
Gaming revenue for the Period amounted to HK$544.7 million, accounting for 88.1% of total revenue.
Gaming Concourse -
During the Period, this segment contributed a gross win of HK$557.9 million (2009: HK$431.5 million) with 60 tables in the gaming concourse. Average win for the Period was approximately HK$51,000 per table per day (2009: HK$41,000).
Slot Machines -
It recorded a gross win of HK$46.8 million (2009: HK$39.3 million) with 331 slot seats. Average win for the Period was approximately HK$770 per seat per day (2009: HK$690).
VIP rooms -
It self-manages two VIP rooms with a total of 14 tables. The VIP rooms had rolling of HK$13.4 billion (2009: HK$9.5 billion). Average win per table per day was approximately HK$146,000 (2009: HK$162,000).
Hotel Revenue -
With a total of 291 guest rooms in the Grand Emperor Hotel, an average daily rate of HK$820 (2009: HK$760), and the high occupancy rate of 88% (2009: 75%), room revenue amounted to HK$29.6 million. Riding on the prestigious reputation of the hotel and the premium quality of its services, it is well received among Hong Kong and mainland visitors.
Property Development -
Located in Yu Yuan, Huang Pu District, Shanghai, the property will be developed into a shopping arcade and hotel or service apartment complex at the prime site of 246,200 sq. ft., which is adjacent to the new Shanghai M10 subway route. Its foundation and basement excavation work for the development has been completed. The main body of the complex will be a multi-storey shopping arcade with an expected total gross area of 1,298,500 sq. ft. During the Period, this segment has recorded no revenue because such development project has remained under development.
Ms. Vanessa Fan, Executive Director of Emperor Entertainment Hotel, said, "With the rapid expansion of China and Asian region's economy, the levels of tourism and income per capita will be the key drivers of the gaming industry in Macau. We are ready to capitalise on the huge market potential. Leveraging the prestigious reputation of 'Emperor' among Chinese communities, we will strengthen its marketing efforts, implement effective management strategies, and enhance its operating efficiencies to boost its market share."
Contact:
Ms. Anna Luk
Investor Relations Manager
Tel: +852 2835 6783 / 6184 0181
Email: annaluk@emperor.com.hk
Topic: Earnings
Source: Emperor International Holdings Limited
Sectors: Daily Finance
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