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Cambodia-based casino operator NagaCorp has posted a total profit of $101.4m (£73.2m/?85.4m) for its 2020 financial year, despite a sharp drop in revenue as its properties were forced to close due to the novel coronavirus (Covid-19).
Revenue for the 12 months to 31 December amounted to $878.7m, down 49.9% from $1.76bn in the previous year, as the Nagaworld resort in Cambodia had to shut from April until July in line with national Covid-19 restrictions.
Traditional table games were by far the primary source of income for NagaCorp, accounting for $787.3m of total revenue in 2020. Revenue from electronic table games reached $82.4m, while hotel room, food and beverage and other revenue reached $9.1m.
However, the temporarily suspension of activities meant the cost of sales was lower at $451.7m, half the $909.2m recorded in the previous year. This left a gross profit of $427.0m, down 49.6% year-on-year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the full year stood at $265.2m, helped by relatively normal operating activity in the first quarter, prior to Covid-19 measures coming into full effect.
Other operating expenses were 8.4% lower at $205.3m while administrative costs remained level at $61.1m. After accounting for $33.2m in financial costs, profit before tax was $132.1m, down 76.1% from 2019.
NagaCorp paid $29.8m in tax during the year, leaving $102.3m in total profit. After including an $894,000 loss from foreign exchange differences linked to operations overseas, the operator ended 2020 with $101.2m in overall profit, down 80.6% year-on-year.
Though NagaCorp experienced a significant drop in profit, the operator said that the success of the reopening of its flagship Nagaworld resort means the business should recover in the longer term.
?Since the re-opening of the casino businesses on 8 July, NagaCorp has recorded an initial recovery rate of about 95% for the mass market segment and about 69% for the VIP market segment,? NagaCorp said.
?The satisfactory recovery of the gaming business volumes and revenues was largely contributed by a reasonably sized expatriate community and to some extent, visitors from East Asia ? mainly from China, South Korea and Taiwan ? patronising NagaWorld in search of entertainment.
?Looking ahead, the company believes the rollout of vaccination, and eventually the anticipated gradual border reopening throughout Asia may most likely further improve the economy and tourism sector of Cambodia, which is expected to contribute positively to the group?s business.?
NagaCorp has announced a special ?Hardship Relief Dividend? that will see it pay out 100% of net profits generated for the second half of 2020 to ?loyal? shareholders the company says ?stayed on faithfully with us during the COVID-19 crisis.?
The dividend, worth a total of around US$81 million or 1.88 cents per share, comes as NagaCorp revealed Monday a net profit of US$102.3 million for the financial year ended 31 December 2020, driven by a strong recovery in the second half of the year at Cambodian integrated resort NagaWorld.
by Ben Blaschke Tuesday 9 March 2021 at 06:08 (inside asian gaming)
: Nagacorp entlässt 15% seiner Mitarbeiter
Cambodia?s largest casino operator NagaCorp is set to cut more than 1300 jobs as the company deals with increasingly difficult conditions as a result of its continued casino closure.
The casino staff cuts have earned the ire of worker union leader Chhim Sithar, who alleges the company is unfairly paying staff only a fraction of the severance pay they are owed, by basing the severance pay on the reduced salaries that were imposed last year.
?Workers risked their safety to make profits for NagaWorld during the pandemic and then when they need help, they are abandoned,? Sithar said.
Published 6 days ago on May 6, 2021By Niji Narayan
Interessanter Wert, wenngleich die Branche von einigen Investoren gemieden wird. Trotz Corona hat man einen Mini-Gewinn erzielt. In Kambodscha laufen die Impfungen verhältnismäßig schnell (China hat Impfstoff "gespendet"). Ich sehe gute Chancen, dass der Kurs mittelfristig hochgeht. Das Unternehmen hat kaum Schulden, in Russland steht ein Projekt an, welches nah an der Chinesischen Grenze seinen Platz findet. Das Geschäft selbst, wird wie in der Vor-Corona-Zeit funktionieren; die chinesische Wirtschaft erholt sich ebenfalls gut, sodass der nötige Wohlstand gegeben sein wird.
Nach unten sehe ich das Risiko begrenzt -eventuell würde ich dann nochmal nachlegen. Die Dividende ist interessant und der Bounce nach oben. Dieser sollte spätestens dann kommen, wenn Covid im süd-ost-asiatischem bekämpft ist. Das sind meine Gedanken zum Wert.
"NagaCorp is looking to save up to US$2 million per month in run-rate operating costs, which the company said stood at around US$8.6 million prior to the suspension of operations on 1 March 2021 ? almost half of NagaWorld?s average monthly expenditures of US$19.7 million in January and February."
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