Kingston Financial expecting to see net profits cut by half in FY ended March 31

Kingston Financial Group Limited has indicated that it expects to report a 50 per cent year-on-year decrease for its profit attributable to owners for the year ended March 31 of this year.

Considering its annual financial report for the same period of last year, this would represent an sharp drop to about HK$500 million (US$64.5 million).

The group attributted the significant decrease to a significant rise in impairment loss on advances to customers in margin financing.

Kingston is an investment holding company but also involved in hospitality and gaming, with the company operating Casa Real Hotel and Grandview Hotel Macau but with casinos in the properties running under the SJM Holdings gaming licence.

The full financial annual report is expected to be published on June 30 2020.