Revenue Performance - For the six months ended June 30, 2020, the total reported revenue was HKD 177.3 million, a decrease of 70.1% compared to HKD 592.0 million for the same period in 2019[9]. - Revenue from the managed casinos was HKD 165.9 million, down from HKD 499.2 million in the previous year, with specific declines in the Golden Dragon Casino and the Grand Lisboa Casino[12]. - The sales of electronic gaming equipment and systems generated revenue of HKD 11.4 million, a significant drop from HKD 92.8 million in the prior year[12]. - Total gaming revenue for the group was HKD 262.4 million for the six months ended June 30, 2020, a decrease of 58.8% compared to HKD 636.5 million for the same period in 2019[24]. - The group reported a total revenue of HKD 165.9 million for the six months ended June 30, 2020, down 66.8% from HKD 499.2 million for the same period in 2019[25]. - The electronic gaming equipment and systems segment reported an adjusted EBITDA loss of HKD 44.2 million for the six months ended June 30, 2020, compared to a profit of HKD 12.1 million in 2019[17]. Impact of COVID-19 - The Macau government announced the suspension of all casinos starting February 5, 2020, which significantly impacted customer confidence and consumption patterns in the gaming industry[7]. - The total gaming revenue in Macau for the first half of 2020 decreased by 77.4% compared to the same period last year, reflecting the broader economic impact of the COVID-19 pandemic[7]. - The decline in gaming revenue was primarily due to the temporary closure of the Golden Sands and Huadu casinos during the COVID-19 pandemic[16]. - The group reported a significant decrease in gaming revenue due to restrictions imposed by the Macau government to curb the spread of COVID-19[16]. - The number of visitors to Macau fell by 83.7%, from approximately 20.3 million in the six months ended June 30, 2019, to 3.3 million in the same period of 2020[31]. Financial Losses - Adjusted EBITDA for the six months ended June 30, 2020, was a loss of HKD 53.5 million, compared to a profit of HKD 63.3 million for the same period in 2019[13]. - The group recorded a loss of HKD 111.3 million for the six months ended June 30, 2020, compared to a profit of HKD 23.8 million for the same period in 2019[17]. - The adjusted EBITDA from the group's managed casinos was a loss of HKD 35.9 million for the six months ended June 30, 2020, down from a profit of HKD 66.3 million in 2019[16]. - The company reported a loss attributable to owners of the company of HKD 109,446,000, compared to a profit of HKD 19,446,000 for the same period in 2019[81]. - The net loss for the period was HKD 111,336,000, a significant decrease from the profit of HKD 23,793,000 reported in the same period last year[86]. Cost Control Measures - The group has implemented various cost control measures, including reducing marketing expenses and negotiating lower rents[32]. - The group decided not to renew the service contract for the Grand Lisboa Casino after it expired on February 29, 2020, as part of its cost control strategy[32]. - The total employee cost for the six months ended June 30, 2020, was HKD 171,700,000, a decrease of 19.6% from HKD 213,500,000 for the same period in 2019[49]. Business Strategy and Opportunities - The company is exploring other business opportunities in response to the pandemic's challenges[8]. - The group utilized its extensive network in China to provide procurement services for overseas clients, contributing positively to its performance during the pandemic[8]. - The group plans to continue exploring new business opportunities during the economic downturn[36]. - The group is investing in R&D for high-tech products, including 5G, AI, and smart devices, to position itself for sustainable growth post-pandemic[33]. Asset and Equity Management - The group's total assets decreased by HKD 119.5 million or 19.6%, from HKD 608.5 million as of December 31, 2019, to HKD 489 million as of June 30, 2020[38]. - The company's total assets amounted to HKD 626,737,000, with net current assets of HKD 234,739,000 as of June 30, 2020[88]. - The total equity attributable to the owners of the company was HKD 446,111,000, reflecting the company's financial stability despite recent losses[88]. - The company's total liabilities increased to HKD 594,614,000 as of June 30, 2020, compared to HKD 466,736,000 in the previous year[92]. Shareholder Information - Major shareholder August Profit Investments Limited held 630,836,720 shares, representing 59.95% of the company's equity[58]. - The group has not declared an interim dividend for the six months ending June 30, 2020[37]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2020[65].
汇彩控股(01180) - 2020 - 中期财报