Century Entertainment suffers 98.4% revenue drop in 2020

The results pertain to the year ending March 2021.

In a statement, the company explained that the decrease was largely due to temporary casino closures in Cambodia, which took effect on 1 April, 2020.

Total revenue for the year came to HK$727,000 (£67,701/€78,869/$93,611), a drop of HK$45.1m compared to the full year results for 2019.

This total was made up of HK$227,000 revenue from China and HK$500,000 from Hong Kong. Hong Kong’s revenue contribution was down 74.7% year-on-year, while there was no comparable figure from China. There was also no contribution figure listed for Cambodia, in light of casino closures.

The cost of sales came in at HK$600,000, a decrease of 99.7% year on year. This left the total gross profit at HK$127,000, a decline of 99.9% compared to the previous year.

However, other income brought in HK$36.0m, a rise of HK$35.6m year on year. But impairment losses on intangible assets and goodwill, at HK$6.8m and HK$14.2m respectively, left the income total at HK$15.0m.

Fair value loss on promissory note and general and administrative expenses brought the total to a loss of HK$33.6m, while reversals on trade and other receivables added HK$2.6m to the total.

Factoring in finance costs of HK$13.9m, the total loss before tax came to to HK$44.9m, a HK$18.8m decrease year-on-year from HK$63.8m.

Income tax credit came to HK$1.9m, bringing the total loss for the financial year to HK$42.9m, a HK$4.8m increase compared to HK$38.1m reported in the full year results for 2019.