The results for the financial year ending on September 30, 2022, revealed by the company on Monday, saw a 12 percent improvement compared to the HK$2.4 billion shortfall recorded for the previous fiscal year.

The theme park said it only operated for 190 days - about 50 percent of the calendar days in the last financial year due to nearly three and a half months of mandatory closure ordered by the government, the social distancing policies, and the park's five-day operation week.

Meanwhile, the theme park said its total attendance last year went up by 22 percent to 3.4 million, fuelled by only local Hong Kong residents. Revenue for the year grew by 31 percent to HK$2.2 billion. The loss before interest, taxes, depreciation and amortization narrowed by 11 percent to HK$861 million.

The park’s managing director Michael Moriarty said despite the headwinds, the park is seeing improvements in its results.

“We are focusing on returning to profitability as soon as we can…We are optimistic about summer for both our business and the travel trade,” he added.

Moriarty also announced a series of new projects for the second half of this year, including the reopening of Disney's Hollywood Hotel in mid-July, and a new World of Frozen for visitors in November.

He added that the park would return to operating six to seven days a week from mid-June onwards, compared with five at present.