Emperor International revenue plummets
The group’s finances took a hit from Sino-US tensions and the outbreak of the novel coronavirus.
Macau.- Emperor International Holdings has published its financial report for the year ending March 31.
Overall revenue fell by 17.2 per cent to HK$1,143.2 million (US$147.5 million) from HK$1,381.3 million (US$178.2 million) the previous year.
Total gaming revenue fell by 18.5 per cent to HK$926.8 million (US$119.58 million), down from HK$1,136.8 million in 2019 (US$146.6 million). Gaming, in association with Macau’s SJM, accounts for 81.1 per cent of Emperor International’s total revenue.
The company said: “During the Year, the Sino-US tensions and the outbreak of coronavirus disease have resulted in the most drastic economic slump over the past two decades. Due to the Pandemic, stringent travel restrictions and health control measures upon arrivals were imposed; the whole gaming services in Macau was even compulsorily closed for 15 days in February 2020, resulting in a significant drop in visitation in Macau.”
However, the firm said it believed it had a “strong financial position” throughout the year and proposed a final dividend payment of HK$0.030 per share subject to approval by the shareholders
As for the future, Emperor International said: “the unfavourable business environment arising from the pandemic and the volatile global economy to somewhat hinder the development of Macau’s gaming market.
“The group will closely monitor the market situation, and promptly adjust strategies accordingly.”
But it said it would be ready to “reap the benefits” when the market recovers.
The company added: “As soon as the Pandemic is well contained, and the travel restrictions and health control measures upon arrivals are eased, the group expects that the suppressed desire for leisure and pent-up consumption demand will be unleashed, resulting in an obvious rebound on the number of visitor arrivals.”
“However, a prolonged outbreak may have a material effect on the group’s consolidated results of operations, cash flows and financial positions for the year ending 31 March 2021.”
