Summit Ascent reports HK$230m loss but revenue up 22% for 2021
Summit Ascent Holdings has posted HK$265.5m ($33.9m) in revenue for 2021.
The Philippines.- Summit Ascent Holdings Ltd has reported that it slipped from a profit of HK$10m in 2020 to a loss of HK$230m (US$29.4m) in 2021. Gaming revenue increased by 22.4 per cent from the previous year to nearly HK$248.4m while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.
The group attributed the improvement in revenue to local customers, as the number of foreigners visiting its hotels dropped significantly due to travel restrictions and government countermeasures on travellers due to the Covid-19 pandemic.
In 2021, Summit Ascent recorded positive adjusted EBITDA of HK$40.9m, compared to negative adjusted EBITDA of HK$14.7m in 2020.
The company, which operates Tigre de Cristal in the Primorye Gambling Zone in Russia, said: “The increase was also partly due to the base effect as, in the second quarter of 2020, the gaming operations of Tigre de Cristal were suspended for about three months… according to the respective measures recommended by the Russian government.”
