Kingston Financial profit down 13 pct, casino biz up

Hong Kong-listed investment company Kingston Financial Group Ltd. has posted a 13 percent decline in profit for the year ended March 31, 2017.

The group, which is principally engaged in the provision of a wide range of financial services, is also the operator of the Casa Real Hotel and Grandview Hotel in Macau.

Kingston posted a profit of HK$1.5 billion (US$192.2 million) for the year ended March 31, 2017, compared to HK$1.7 billion in the prior year period.

The company said this was attributed mainly to a decrease in income from its securities brokerage, underwriting and placements business.

Revenue for the year fell 8 percent to approximately HK$2.9 billion, down from HK$3.1 billion in the prior-year period.

Its casino business saw healthy growth however, with revenue increasing 2 percent year-on-year to HK$492 million for the year.

As at 31 March 2017, the group has 64 tables in the mass market halls, 12 tables in the VIP rooms, and 280 slot machines and 140 live baccarat machines in the electronic gaming halls.

“Live baccarat machines brought additional crowd to the casino, achieving synergy with the slot machine business,” added the company.