Saturday, August 13, 2022

Starlight sees narrower loss for 2018

Starlight Culture Entertainment Group, formerly known as Jimei International Entertainment, said it expects to report its loss narrowed by about HK$210 million ($26.7 million)  in 2018.

The improvement was due to a gain in the fair value of derivative financial liabilities of about $36 million, compared with a loss a year earlier of $30 million, the junket operator said in a statement to the Hong Kong Stock Exchange.

It also said there had been a decrease in impairment losses and an increase in the reversal of impairment losses of about $68 million.

It also said there had been an overall decrease in operating expenses, administrative expenses and finance costs of approximately HK$44 million it made gross profit of approximately HK$29 million compared to gross loss of approximately HK$3 million recognized in 2017.

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