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.

Source: The Standard May 13, 2020 09:22 UTC