Summit Ascent reported HKD96m revenue for H1
Summit Ascent Holdings Ltd reported revenue of HKD96m for H1 2020, a 63% drop from HKD257m for the same period last year, mostly due to the COVID-19 pandemic and global restrictions. The company’s integrated resort Tigre de Cristal was closed since the end of March and resumed work mid-July.
The company reported a loss of HKD89m, compared to a profit of HKD55m in 2019 for the first six months, with HKD47m attributable to the owners of the company. Adjusted property EBITDA was negative with HKD22.1m, while the previous year the company marked positive adjusted property EBITDA of HKD108.5m. However, the company, assured of its secure financial position, stated it has HKD816.7m in cash at hand and was in a strong liquidity position, adding it “would be able to continue its operation under this unprecedented period of ‘near-zero revenue’ for over 12 months from the end of the reporting period”.
Tigre de Cristal’s gaming revenue was HKD92.3m, compared to HKD 236.9m in H1 2019, and gross revenue for the company in H1 from the rolling chip business was HKD50m against HKD256m in 2019. Operating expenses were HKD111.7m and the company stated it implemented cost control measures, including decreasing marketing and promotional expenses by over half.
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