JM Holdings, Macau's largest casino operator by revenue and controlled by tycoon Stanley Ho, said its net profit for the six months ended June 30 more than quadrupled to us$ 201 million from us$ 43.4 million in the year-earlier period. However, the amount is still 41% lower than the profits earned during the same period in 2008.
Revenue rose 79% to us$ 3.4 billion from us$ 1.9 billion. Meanwhile, Melco International Development said its first-half net loss narrowed 73% from a year earlier as revenues helped its associate casino operator Melco Crown Entertainment.
Melco International, which is controlled by Lawrence Ho, son of Stanley Ho, said its net loss for the six months ended June 30 was us$ 28 million, compared with a net loss of us$ 104.3 million a year earlier. Revenue fell 10% to us$ 7.9 million from a restated us$ 8.8 million a year earlier. As in 2009, the board didn't recommend a first half dividend.
Melco International owns 33.43% of Melco Crown, which in turn accounts for approximately 90% of the former's net asset value, rendering it essentially a pure holding company.
Last month, on a U.S. Generally Accepted Accounting Principles basis, Melco Crown said it had a net loss of us$ 30.1 million for the second quarter ended June 30, compared with a net loss of us$ 144 million a year earlier, due to improved operating performance at Altira Macau and a full quarter of earnings contribution from City of Dreams, which opened in June 2009.