Sands China first-half net profit slides 46pct

Sands China Ltd reported a 46 percent drop in its half-year net profit last week, as a corruption crackdown and a weakening economy on the mainland have interfered with its business in Macau.
The casino operator said in a statement that it recorded a net profit of USD734.5 million for the first half of the year, down from $1.37 billion a year earlier.
Its half-year net revenue fell 30.7% to $3.52 billion from $5.08 billion previously. The company did not declare an interim dividend.
A number of analysts have weighed in on the stock. Barclays upgraded shares of Sands China from an “equal weight” rating to an “overweight” rating in a report last month. They noted that the move was a valuation call. Deutsche Bank raised shares of Sands China from a “sell” rating to a “hold” rating in a research note in the beginning of July. Finally, Zacks raised shares of Sands China from a “sell” rating to a “hold” rating in a research note last week.
Sands is engaged in developing its new large-­scale property in Cotai, The Parisian Macao, which is now anticipated to open in the second half of 2016. It will include a gaming area, a hotel with over 3,000 rooms and suites, and retail, entertainment, dining and meeting facilities. The costs – including payments made for the land premium and the expected design, development and construction of The Parisian Macao – will be approximately $2.7 billion. MDT/Agencies