Wednesday, Las Vegas Sands Corp. (LVS), reported a net loss for the fourth quarter of fiscal 2008 compared to a profit in the same period last year, hurt by higher operating costs and expenses during the three-month period.
For the quarter, net loss attributable to common stockholders was recorded at $136.53 million or $0.27 per share versus a profit of $39.88 million or $0.11 per share in the comparable period last year.
Adjusted net loss was $17.80 million or $0.04 per share, compared to an adjusted net income of $71.15 million or $0.20 per share in the fourth quarter of 2007.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net revenue increased 4.3% to $1.09 billion, from $1.05 billion in the fourth quarter of 2007. Analysts anticipated revenues of $1.17 billion for the quarter.
Revenues from casino business declined to $787.73 million from $817.29 million in the last year. Rooms, food and beverage, and retail revenues increased to $191.96 million, $96.75 million, and $7.21 million respectively, from $147.77 million, $76.12 million, and $4.13 million in the last year.
Operating costs and expenses increased during the quarter to $1.13 billion from $914.91 million a year ago.
For the full year, net loss attributable to shareholders totaled $188.76 million or $0.48 per share, compared to a profit of $116.69 million or $0.33 per share in the prior year. Adjusted net income was recorded at $44.78 million or $0.11 per share versus a higher profit of $309.46 million or $0.87 per share in the last year.
Revenues for the year stood at $4.39 billion, up from $2.95 billion in the previous fiscal year.
LVS ended Wednesday's regular trading at $3.98, up 6.13% or $0.23, on a volume of 17.8 million shares on the New York Stock Exchange. In the after-hours session, the stock gained 4.27% or $0.17, trading at $4.15.
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