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KFG Has a Decrease in Income While Hotels Show Increase

KFG Has a Decrease in Income While Hotels Show Increase

28.11.2017 04:26
Kingston Financial Group Income Going Down Whilst Hotel Segment Increasing The ProfitIn the report for the investors, Kingston Financial Group publicly announced its financial results for the third quarter of 2017. In the report they show lost in year-on-year revenue from gaming operations in Macau, gaming operations fell down nearly 3% to HK$225.86m for a period of six months, finishing in September 2017.
Despite this fall in casino and gambling operations, numbers from its hotel operations are increasing. The group’s hotel segment produces an 11% year-on-year increase in revenue, in total approximately HK$96.33m.
With gaming license of Sociedade de Jogos de Macau, the group operates Casa Real Hotel and Grandview Hotel Macau.
In an announcement, the company said: “The two casinos continued to provide solid contributions to the group. The accessibility of Macau is seen as improving, as the Hong Kong-Zhuhai-Macau Bridge is expected to commence operation in 2018, which could increase the traffic flow and accessibility significantly.”
For a period of six months to September, the group’s turnover in total increased by 17% - HK$1.61bn, with profit to the owners of the company moving upward to 22% to HK$908.88m in the year-on-year report, mostly to the increase in financial gain from margin and IPO financing business.
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