NagaCorp reports net profit of US$20m for H1

NagaCorp revealed its financial results for the first half of the year and showed profits despite pandemic lockdown.

Hong Kong.- Casino operator NagaCorp  has reported net profit of US$20.6 million for the first six months of the year, down 91.6 per cent compared to the same period last year.

According to information revealed by the company to the Hong Kong Exchange, revenues fell by 57.7 per cent year-on-year to US$377.5 million.

The firm declared a dividend of US$0.029 a share – representing a payout ratio of 60 per cent, based on the net profit generated for the period. It will be paid on September 23.

NagaCorp, which operates Naga World casino resort in Cambodia, said about the results: “They were relatively stable, save for the impact from the temporary closure”.

Casino operations were halted during the second quarter of the year due to the Covid-19 pandemic.

After a three-month closure beginning on April 1, NagaCorp was allowed to reopen its VIP gambling tables and slot machines on July 8.

On July 19 it was allowed to reopen its mass-market gaming tables.

The company stated that the average daily volumes for all of its gaming segments were now above 90 per cent of the average seen before the closure of the casino.

It also said the daily volume of VIP rolling chip turnover was US$104.0 million.