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Chinese Strategic issues profit warning

Chinese Strategic Holdings, which is seeking to take over the operations of the Tinian Dynasty Hotel & Casino, said it expects a significant drop in profit for the first quarter.

It says the decline is mainly due to a slump in gains recorded from fair value changes in convertible instruments designated as financial assets. It expects gains of $2 million ($257,964) in the current period, compared with about $95 million recorded on that basis in the year-ago quarter, it said in a Hong Kong Stock Exchange filing.

Last year, the company had a profit of HK$86 million for the three months ended 31 March.

Chinese Strategic said the decrease in gain is a non-cash accounting treatment and has no impact on the group’s cash flows or operations.

However, the company also said the figures are preliminary and may differ from those reported with its full results on May 8th.


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