Kingston Financial expects 90% decrease in net profits

Kingston Financial Group has announced it expects a 90 per cent decrease in revenue for the fiscal year.

Macau.- Kingston Financial Group has anticipated that profits for the year ending March 31 will be down 90 per cent when compared to the previous year.

The group said the decrease was mainly caused by a drastic reduction in the number of visitor arrivals in Macau due to the Covid-19 pandemic and the restrictions imposed by the government. 

Kingston Group currently runs two casinos in Macau, the Casa Real Casino on the Macau peninsula and the Grandview Casino on Taipa Island. Both casinos are operated in partnership with SJM Holdings.

Last September, the company published its financial report for the period ending September 30, showing a decrease in net profits of 65 per cent year-on-year to HK$169m (US$21.8m).

Revenue for the six month period was around HK$1bn, with revenue from hotel operations plus food and beverage reaching HK$15m, and gaming suffering a HK$13.5m loss. The company has seen a decline in profit and revenue going back to before the Covid-19 pandemic.

The group will publish its annual results on June 30.