Emperor expects US$20m in net losses
The company attributed poor financial results to travel restrictions, which led to a 90 per cent drop in gaming revenue.
Macau.- Emperor Entertainment Hotel has issued a profit warning in relation to its half-year financial results.
In a release to the Stock Exchange of Hong Kong, the company said a preliminary review of its latest financial information indicates it will record a consolidated net loss attributable to owners of not more than HK$160 million (US$20.64 million) for the six months ending September 30.
That compares to HK$177.2 million (US$22.86 million) in net profit recorded in the same period in 2019.
The release said: “such net loss was mainly attributable to a significant decrease of around 90 per cent of the group’s gaming revenue due to a drastic decrease in the number of patrons during the period, which was a result of the travel restrictions and health quarantine arrangements for inbound travellers against the Covid-19 pandemic.”
Interim results for the half-year period will be published in late November.
In its last full year’s financial report, the company, which operates its gaming business in association with SJM, registered a 17 per cent loss year-on-year. Total revenues fell to HK$1,143.2 million (US$147.5 million).
