Nagacorp net profit up 24 percent in 16H1

Sunday 7th of August 2016

HK-listed Nagacorp Ltd has reported its net profit increased 24 percent to US$125.2 million for the six months ended June 30, 2016.

“The positive results were attributable to an increase in business volume across all segments of the gaming business,” said the operator in a filing.

According to its interim results released on Monday, the casino operator said VIP rollings increased 26 percent to $4.5 billion, mass market table buy-ins increased 17 percent to $305.6 million and mass market EGM bills-in increased 18 percent to $741.8 million.

“The implementation of table buy-ins for all Public Floor Tables in 2015 continued to drive incremental growth in business volumes. In addition, the Group’s collaboration with Chinese outbound travel agents and an independent airline operator to bring Chinese visitors into Cambodia contributed positively to visitor growth of the property. In January 2016, the independent airline operator commenced thrice weekly scheduled flights from the Chinese cities of Changsha and Xian to Cambodia,” said the company in a statement.

In regards to Naga2, its newest casino which is set to open in Cambodia in 2017. The company has confirmed that the resort is expected to contain as many as 200 gaming tables and up to 1,000 slot machines.

In regards to its Vladivostok project, the company said in its filing that “piling work on site commenced in 2016... while an office has been established in the city centre and a certain number of key personnel have been appointed to monitor various aspects of the progress of the project, which remains broadly on schedule for operation by 2018.”

The operator declared an interim dividend of US$0.0277 per share, which will be paid on September 13, 2016.