On 27 October, Ocean Park announced its 2020/21 results for the year ended the end of June, which turned from profit to loss year-on-year, losing HK$31.8 million, representing a surplus of HK$1.922 billion for the previous fiscal year. During the period under review, the park received HK$1.45 billion in government funding for anti-epidemic and epidemic prevention.
Ocean Park said that in the face of the severe challenges posed by the COVID-19 pandemic, in order to comply with the government's instructions in response to the epidemic, the park was temporarily closed for a total of 146 days from 1 July 2020 to 17 February 2021, equivalent to 40% of the financial year. During this time, the company completely lost its source of revenue from visitors. Even after reopening on 18 February 2021, the park's capacity has been significantly limited, with local visitors mainly being the target.
Affected by the social distancing measures, about 1.4 million admissions were recorded during the period, down 36% year-on-year. Revenue for the Period decreased by approximately 45% year-on-year to HK$394 million, while operating loss recorded HK$270 million.
Ocean Park said that the company took the initiative to take cost-cutting measures and reorganize budget management to cope with the impact of the epidemic on its business. In addition, the Company is also actively repositioning the park experience to meet the new normal of the public's greater emphasis on health and social distancing, and to seize new market opportunities.
Wong Si Fai, Chief Executive Officer of Ocean Park, said that despite the continued difficult operating environment, the company is still using creativity, piloting new concepts and leveraging the unlimited potential given by the park's unique topography to bring visitors a new Ocean Park experience.
This article originated from the viewpoint real estate network