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Silver Heritage net loss widens 8 pct in FY16

Silver Heritage Group Ltd. posted a widened net loss of US$4.6 million for the 2016 financial year, according to the company’s filing to the Australian Stock Exchange.

While the loss widened 8 percent compared to previous year’s US$4.2 million net loss, it was not as bad as the US$5.3 million net loss forecasted in the IPO prospectus.

“The main reason for the improvement compared to the forecast in the prospectus was due to less expenses being incurred in setting up the operations of Tiger Palace Resort Bhairahawa in FY2016 than were anticipated at the time the prospectus was prepared, as some of the costs associated with setting up operations, including staff training costs and marketing, were deferred until early FY2017,” said the company.

Total revenue of the company was down 2 percent year-on-year to US$16.9 million.

Adjusted EBITDA was US$3.4 million, up 11 percent year-on-year.

Earlier this week, the group was granted a temporary trading suspension of its stocks, after experiencing unexpected delays in the completion of its Nepal resort.

“The board has been conducting a review of the impact of these delays and the initial results of these investigations have suggested that the delays may have a material effect on the completion date and final project cost of Tiger Palace Resort Bhairahawa,” said Silver Heritage managing director and CEO Mike Bolsover in a letter to the ASX on Monday.

The company has requested the suspension remain in place until the board is able to release an announcement on the updated completion date and final project cost of its new resort, which it expects to take approximately two to three weeks.

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