"Performance" SJM Holdings' adjusted EBITDA for the third quarter fell 15% year-on-year to 880 million

SJM Holdings (00880.HK) reported a net profit of HKD 9 million for the third quarter, a year-on-year decline of 91.1%. Total net revenue decreased by 6.2% year-on-year to HKD 7.034 billion. Gaming net revenue fell by 6.5% year-on-year to HKD 6.537 billion, and adjusted EBITDA dropped by 15% to HKD 888 million; the adjusted EBITDA margin decreased by 1.3 percentage points to 12.5%.

In the first nine months of this year, the group recorded a net loss that widened to HKD 173 million, compared to a loss of HKD 61 million in the same period last year. Total net revenue increased by 1.8% year-on-year to HKD 21.674 billion. Gaming net revenue rose by 1.4% year-on-year to HKD 20.165 billion, while adjusted EBITDA fell by 8.8% to HKD 2.527 billion; the adjusted EBITDA margin decreased by 1.3 percentage points to 11.7%.

As of September 30 this year, the group recorded cash, bank balances, short-term bank deposits, and pledged bank deposits of HKD 3.448 billion, with debts amounting to HKD 27.312 billion.

The group's syndicated loan financing includes HKD 9 billion in term loans and HKD 10 billion in revolving credit, of which HKD 2.7 billion had not been drawn down as of September 30 this year