Tuesday, September 27, 2022

Landing issues profit warning for full year 2019


Landing International Development has issued a profit warning to shareholders through the Hong Kong Stock Exchange warning that the firm’s full year 2019 results are going to be grim.

“The board of directors of the company,” the note said, “wishes to inform shareholders of the
company and potential investors that based on the information currently available to the board, the group expected to record a substantial increase in net loss for the year ended 31 December 2019 by not less than 160% as compared to the year ended 31 December 2018.”

The note went on to explain the reasons: “The increase in expected net loss was mainly attributable to (i) significant decrease in net revenue from gaming business; (ii) decrease in fair values of investment properties; (iii) impairment of property, plant and equipment; (iv) decrease in interest income and increase in finance cost; and (v) increase in depreciation charges due to progressive opening of various facilities and provision for impairment of trade and other receivables.”

In its half year results issued last August, the company recorded an 80 percent drop in gaming revenue.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

3rd party / Cookies
Show settings
Contact us

ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264

Asia Gaming Brief