Kingston Financial has published its annual results for the year ending March 31, reporting a 90 per cent decline in profit.
Macau.- Kingston Financial Group has confirmed what it anticipated last week, reporting a 90 per cent fall in profits year-on-year to HK$56.2m (US$7m).
The company’s revenue for the year ending March 31 was down 22 per cent from HK$2.6bn to HK$2.1bn ($265m).
Adjusted EBITDA came in at HK$504.7m compared to HK$833.5m the previous year. Gaming revenue was down 102 per cent to negative HK$7.9m, compared to a profit of HK$382.3m in the previous year.
Kingston Financial attributed the decrease to the drastic reduction in the number of visitor arrivals to Macau due to the Covid-19 pandemic.
Kingston Group 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.
In its mid-year financial report for the period ending September 30, the company reported a decrease in net profits of 65 per cent year-on-year to HK$169m (US$21.8m).