Kingston Financial Group reports 27% drop in revenue for a six-month period
Kingston Financial Group reported revenue for the six months that ended on September 30 was HKD1bn ($129m), a 27% drop from HKD1.4bn for the same period last year. Profit was HKD169m, an almost 65% decline from HKD476.8m recorded in 2019.
The profit attributable to company owners fell by 65% to HKD196m ($25.3m) compared to HKD477.6m for the same period last year. The decline was primarily attributed to revenue declines from the Group’s hotel and gaming business in Macau due to COVID-19.
The group operates two hotels in Macau, and during the six-month period, revenue from hotel operations was HKD15.7m, an 85% drop from HKD102.5m reported for the same period last year.
The group has two casinos located in the hotels: Casa Real and Grandview. Gaming operations, run by Sociedade de Jogos de Macau, S.A., brought in a year-on-year loss of HKD13.5m, a 106% decrease from a profit of HKD215.7m. The group signed an addendum with SJM “for the continuation of the provision of services to SJM in the two casinos”. The term of service has been extended to 26 June, 2022.
The group’s statement also expressed uncertainty over future prospects, but the group said it will regularly review its policy to respond in a timely manner to the changing environment to sustain growth.
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