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NagaCorp saw 7 percent profit rise in 2016

Hong Kong-listed NagaCorp posted a 7 percent year-on-year increase in net profit for the full-year ended Dec. 31, 2016.

According to a filing to the Hong Kong Stock Exchange on Wednesday, net profit for the year came in at US$184.2 million, attributed to “better cost control and the 2016 EGM Fee”.

Revenue increased 5.5 percent to $531.6 million in 2016, up from 503.7 million in 2015.

The operator said it saw strong performance in its VIP segment, with VIP rollings up 11 percent to $8.7 billion.The growth was attributed to its revised overseas junket incentive program which was introduced in January 2016.

Its mass market segment also showed improvement, with mass market table buy-ins increased by 12 percent to $617.8 million in the year, while mass market electronic gaming machines bills-in increased 9 percent to $1.5 billion.

“This business volume growth is attributable to tourism growth into Cambodia, generating increased footfall into NagaWorld,” said the company.

In regards to its NagaCity Walk and Naga2 projects, the operator says its Naga2 development is now undergoing fit-out and is expected to be operational this year.

Its investment project in Vladivostok is still in early stages, with piling work on site commencing in 2016, while an office has been established in the city centre to monitor the project’s progress. It is scheduled for operation in 2019, says NagaCorp.

The company has announced a final dividend of 0.82 cents per share, to be paid on May 15, 2017.

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