Esplanade posts S$1.5 million deficit, expects revenue streams to be 'severely challenged'

Esplanade posts S$1.5 million deficit, expects revenue streams to be 'severely challenged'

CNA·2020-09-17 00:57

Event cancellations due to the COVID-19 pandemic have caused Singapore's leading arts venue to sink into the red. The Esplanade logged a S$1.5 million deficit for the financial year ended March -- a far cry from the S$6.2 million surplus generated the previous year. Ticketing income fell 24.1% from a year ago. The pandemic also hurt earnings of its subsidiary, ticketing service provider SISTIC. In its annual report, Esplanade said all its revenue streams -- including ticketing income and venue hire -- will be "severely challenged" in the next two to three years.Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service on Telegram: https://cna.asia/telegramFollow us:CNA: https://cna.asiaCNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasiaInstagram: https://www.instagram.com/channelnewsasiaTwitter: https://www.twitter.com/channelnewsasia

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