Galaxy net slumps to HK$5b

Galaxy Entertainment (0027) said  first-quarter net profit fell by 60.77 percent to HK$5.1 billion due to the coronavirus pandemic.

The Macau casino operator's adjusted EBITDA slumped by 92.93 percent to HK$283 million.

“At this point in time it is difficult to quantify the full year financial impact of the virus, but it will have a material impact on our financial results and we cannot determine the duration of the pandemic,” said Chairman Lui Che-woo.

Lui said the borad waived the director’s fee and the management team initiated a non-paid leave program.

"We have tried to spread the impact of the coronavirus fairly across all team members as we prefer not to engage in redundancies," he said.