Summit Ascent Holdings has reported a HK$47 million (US$6.1 million) loss for the first half of 2020. The previous year, there had been a HK$42.8 million profit in this same period.
The group’s total revenue in the first half was HK$96.0 million, down 63 percent year-on-year.
The company took a heavy financial hit from the Covid-19 pandemic. The Tigre de Cristal IR was required to suspend operations from March 28 until July 16.
The group reported that it had HK$816.7 million of cash on hand as of June 30.
The company’s statement to the Hong Kong Stock Exchange expressed optimism about its future: “Unlike many businesses impacted by this global crisis, the group is well positioned to weather the current turmoil as it sits on huge piles of cash generated from the past years… The group has ample liquidity to survive this unprecedented period of ‘near-zero revenue’ for over years. Tigre de Cristal has been able to deliver strong local businesses in the past few years, especially in the mass tables and slots. As borders are still not yet fully opened, the group will continue to focus on its strength previously–the local market.”
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.