Permira’s Galaxy Profit Triples

Casino operator Galaxy Entertainment Group saw its 2011 net profit rise three fold, writes Reuters. Galaxy, about 13 percent owned by European private equity firm Permira, reported a full-year net profit of HK$3.0 billion, compared with a forecast of HK$3.3 billion from Thomson Starmine.

Reuters – Casino operator Galaxy Entertainment Group Ltd said on Thursday that 2011 net profit rose more than three times, lagging forecasts, after it opened the only new casino resort in Macau, the world’s biggest gambling hub, last year.

Galaxy, about 13 percent owned by European private equity firm Permira, reported a full-year net profit of HK$3.0 billion, compared with a forecast of HK$3.3 billion from Thomson Starmine.

The company, which had an about 17 percent share of the Macau market in February, recorded a net profit of HK$898 million net profit in 2010.

Shares in the $10 billion company have rocketed 73 percent in value over the past 12 months, outperforming most of its peers including Wynn Macau Ltd, up 10 percent. (Reporting by Farah Master; Editing by Chris Lewis)

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UPDATE 1-Galaxy Entertainment 2011 net profit triples on new casino
Galaxy Entertainment says 2011 net profit triples
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