Ocean Park sees deficit despite visitor, income surge

Ocean Park has recorded a deficit of more than HK$71 million for the financial year ending in June, despite revenue and visitor numbers hitting five-year highs. Announcing its results on Thursday, the theme park also said it will capitalise on the presence of six giant pandas to drive park attendance and income. From December 8, the public will get to meet two pandas sent by the central government as gifts to the SAR, followed by locally-bred twin cubs as early as February next year. "We will capitalise on the presence of six giant pandas in the park to drive citywide excitement, thereby increasing visitor numbers and revenue while promoting panda tourism and ecological conservation in Hong Kong," said Ocean Park chairman Paulo Pong. In the 2023-24 fiscal year, the theme park's total revenue increased 41 percent year-on-year to HK$1.18 billion, primarily driven by a 54 percent growth in admission income. Revenue from merchandise jumped 27 percent, while catering income rose 32 percent. The park also welcomed 33 percent more visitors at 3.14 million in 2023-24, when compared with the same period last year. Visitors from the mainland, India and the Philippines showed significant year-on-year growth. Still, the theme park recorded a financial deficit of HK$71.6 million in the period ending June 30. Excluding government subsidies and depreciation, its net operating loss narrowed for a third straight year to HK$297 million, with the park saying the figure reflected "sustained upward momentum in operations and business performance" with cost-saving and revenue-generating measures in place. As of the end of June, the park's bank balance and cash totalled roughly HK$1.66 billion. "We will continue to pursue diverse revenue sources and aim for continued improvement in our financial performance over the medium to long term, despite prevailing external economic uncertainties. Through our operating income, we seek to contribute to society, future generations, and environmental conservation, thereby reducing reliance on public finances," Pong said.