China Star sees “substantial” interim profit

China Star Entertainment said it expects to record a “substantial” profit for the six months to the end of June, reversing a loss posted in the same period a year earlier.

The company said the gain will come primarily from the sale of its entire equity interest in Charming Era Investment, Exceptional Gain Profits and Most Famous Enterprises and their respective subsidiaries of approximately HK$1.46 billion ($186 million) which represented the hotel and gaming service operations of the group.

The gains will be offset by an increase in the recognition of an unrealized loss of HK$362 million, compared with $57 billion a year earlier due the change in fair value of financial assets.

Those assets were equities listing in Hong Kong and call options, as well as a loss on early redemption of a promissory note.

The results are expected to be released on August 30th.

 

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