Kingston Financial Group Limited has issued a profit warning on an expected 90% decline in profits for the year ended 31 March 2021.
The Hong Kong-listed company operates Grandview Casino in Taipa and Casino Casa Real on the Macau Peninsula under license from SJM, as well as providing securities brokerage, underwriting and placement services, and margin and IPO financing.
Coming off a HK$503.1 million profit in FY2020, Kingston said Thursday that it anticipates reporting a significant decrease of approximately 90% in its profit attributable to owners of the Company for the year ended 31 March 2021.
The decline is primarily a result of a drop in revenue from the Groups hotel and gaming business in Macau as a result of the drastic reduction in the number of visitor arrivals to Macau following the outbreak of COVID-19.
Final results will be published on 30 June.
Kingston had previously reported a 65% decline in group-wide profit for the six months to 30 September 2020 to HK$169.0 million (US$21.8 million), with its gaming business suffering a loss of HK$13.6 million (US$1.8 million).