Interim profit at Macau casino investor Kingston dips 99pct

Nov 29, 2021 Newsdesk Industry Talk, Latest News, Macau  

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Interim profit for the six months ended September 30 declined 98.5 percent at Hong Kong-listed Kingston Financial Group Ltd, to just under HKD2.5 million (US$317,757). The firm controls two so-called satellite casinos in Macau,

The decrease was “primarily attributable” not to its gaming interests, but to “an increase in impairment loss on advances to customers” in the group’s margin-financing segment, the firm said in a Friday filing.

Revenue from Kingston Financial’s external gaming customers moved into the black for the six months to September 30, to just under HKD18.8 million, compared to a nearly HKD13.6-million negative result for gaming revenue in the prior-year period.

Kingston Financial controls the Casa Real casino on Macau peninsula, and the Grandview casino (pictured) on Taipa, in both cases via SJM Holdings Ltd’s gaming rights.

Kingston’s total interim revenue to September 30 declined by 9.5 percent year-on-year, to HKD913.1 million.

The group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were HKD142.0 million, down 65.2 percent year-on-year.

Earnings per share for the six months ended 30 September decreased by just under 99.0 percent, to approximately HKD0.01, when compared to approximately HKD0.97 in the corresponding period of last year.

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