Friday, July 01, 2022

China Star Entertainment to post profit


China Star Entertainment, the former owner of Macau’s Hotel Lan Kwai Fong, said it will swing to a profit for the full year of 2017, compared with a loss the year earlier.

In a statement to the Hong Kong Stock Exchange, the company said the profit will be the result of a substantial increase in the recognition of an unrealized gain due to the change in value of financial assets and the absence of a gross loss incurred in a new film released the previous year.

The board didn’t give an indication of the size of the profit. It lost HK$335.6 million in 2016.

The board is currently finalizing its results, which are expected to be released in late March.

China Star in January completed the sale of the Lan Kwai Fong casino hotel to local businessman Chan Meng Kam for a total consideration of HKD2 billion (US$256.2 million).

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