Yinghai Group (08668) issued an announcement. Compared with the year ended December 31, 2022, the Group is expected to...
Zhitong Finance App News, Yinghai Group (08668) issued an announcement. Compared with the year ended December 31, 2022, the Group is expected to achieve a significant reduction in losses attributable to company owners for the year ended December 31, 2023. It is anticipated that the Group loss attributable to company owners will not be more than HK$4 million in fiscal year 2023, while the loss attributable to company owners is approximately HK$12.1 million in fiscal year 2022. The increase in fiscal year 2023 was mainly due to a sharp increase in earnings, and the impact was partially offset by a decrease in other revenue, income and loss (net) (due to a reduction in government subsidies).
According to the announcement, the board of directors believes that the sharp increase in revenue for fiscal year 2023 is mainly due to a sharp increase in revenue from sales and distribution of hotel rooms and provision of car rental services. Since the outbreak of COVID-19 in 2020, Macau's tourism industry has been severely hit, and the Group's business and financial performance have been adversely affected. As the epidemic subsided, travel restrictions and strict epidemic prevention measures were liberalized from the first quarter of 2023, increasing the number of visitors to Macau, thereby increasing the Group's revenue in fiscal year 2023. The sharp increase in revenue for fiscal year 2023 is also partly due to performance and event revenue from the sale of concert and performance tickets.