Sands China Falls as Earnings Miss Estimates: Hong Kong Mover
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Sands China Ltd., the Asian unit of billionaire Sheldon Adelson’s Las Vegas company, fell the most in more than two weeks in Hong Kong trading after first-quarter earnings missed market expectations.
The stock dropped 2.4 percent to HK$31.05 at the close of Hong Kong trading, the most since April 10, after the company reported a 21 percent increase in earnings before interest, taxes, depreciation and amortization, or EBITDA, to $450.6 million that Deutsche Bank said was below market expectations due to lower retail revenue and narrower margins at Sands’ Four Seasons Plaza property. Net income climbed 5.8 percent to $277.4 million.