Donaco net revenue declines to AU$10.32m in FY21

Donaco has reported net revenue of AU$10.32m for fiscal year 2021 and a negative EBITDA of AUD70,000 (US$52,274).

Australia.- Donaco International has reported that net revenue for the fiscal year 2021 was down 80.7 per cent from AU$10.32m to AU$53.49m. 

Negative group earnings before interest, taxation, depreciation and amortisation (EBITDA) was AU$70,000 (US$52,274).

The temporary closure of Star Vegas on April 27 amid new Covid-19 infections in Cambodia and the closure of all casinos in the Banteay Meanchey province has deeply affected revenue.

However, Donaco reported a statutory net profit after tax, of AU$25.2m for the financial year 2021 due to proceeds from a settlement of a non-competition dispute relating to Star Vegas.

For the first half of the fiscal year, the company saw positive EBITDA of AU$200,000 after attracting local clientele to its Cambodia and Vietnam properties.

The company said: “We took all the necessary actions… to minimise the risk of the virus and to keep our staff and visitors safe. We shifted our focus on what we could control, keeping a healthy balance sheet and costs down”.

It said it has kept an emphasis on continued cost control measures and mitigation activities, which resulted in a reduction in operating expenses to A$U1.3m.

Donaco has agreed a new repayment plan on debts, comprising an alternative monthly repayment of US$1m over six months between June 2021 to November 2021 and a final instalment of US$1.8m to be paid by 31 December 2021.

The company has also borrowed US$8.2m from Lee Bug Huy, the firm’s chief executive and an executive director, to be repayable over the next three years on terms similar to those of the Mega Bank facility.