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Stanley Ho’s SJM posts 85% rise in Q1 net profit

Stanley Ho’s SJM posts 85% rise in Q1 net profit
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First Published: Tue, May 17 2011. 02 46 PM IST
Updated: Tue, May 17 2011. 02 46 PM IST
Hong Kong: Macau casino operator SJM Holdings Ltd , owned by gaming tycoon Stanley Ho, posted an 85% rise in first-quarter net profit, propelled by record gaming revenue in Macau, the world’s biggest gambling market.
SJM said net profit was HK$1.4 billion for the first three months, compared with HK$760 million a year earlier. This was above a forecast of HK$1.2 billion from RBS in Hong Kong, one of the few firms to give a projection.
Shares in SJM have risen more than 250% over the past 12 months, jumping nearly 50% in the past two months after the resolution of a public legal spat between Ho and his extended family over his stake in the $13 billion company.
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First Published: Tue, May 17 2011. 02 46 PM IST
More Topics: Company Results | Stanley Ho | SJM | Earnings | Casino |