Ocean Park Posts Deficit Of Almost HK$1.82 Billion

The Ocean Park Corporation on Wednesday said it has recorded a deficit of almost HK$1.82 billion for the 2021-2022 fiscal year, even though year-on-year revenue has increased by 38.5 percent.

Announcing its results for the financial year that ended in June, the company said Ocean Park’s attendance remained at 1.4 million – similar to the previous fiscal year.

The new Water World that was launched on September 21 last year, meanwhile, received 200,000 visitors.

Ocean Park attributed the deficit to HK$1.76 billion in one-off impairment losses on the property, plant and equipment and right-of-use assets, as well as HK$513.7 million in depreciation and other losses.

“The impairment losses, however, were only for book provision and had no impact on the corporation’s cash flow”, the theme park said in a statement.

The corporation added that as at June 30, the park held bank balances and cash of HK$1.31 billion and "maintained a healthy cash position".

In the 2020-21 fiscal year, the corporation posted a deficit of HK$31.8 million and saw its revenue drop 45 percent year-on-year.