GGRAsia – Amax back in black with US$8.4 mln profit

Amax back in black with US$8.4 mln profit

Jun 30, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau junket investor Amax Holdings Ltd has swung back to profitability in the financial year ended March 31. The company posted a net profit of HK$65.4 million (US$8.4 million), which it said was primarily attributable to the HK$102 million disposal of Ace High Group Ltd.

Amax had posted a net loss of approximately HK$39.40 million in the previous 12 months.

The company’s selling and distribution expenses were down 40 percent year-on-year to HK$1.10 million in the year ended March 31. General and administrative expenses went up 9 percent to HK$37.5 million.

The company adds however that current results do not reflect the actual performance of Greek Mythology (Macau) Entertainment Group Corp Ltd, an associate that operates the Greek Mythology Casino, a gaming venue inside the Imperial Palace Hotel, former New Century Hotel, in Taipa.

A fortnight ago, Amax told the Hong Kong Stock Exchange it had filed litigation against Greek Mythology associate in a Macau court, in relation to the latter’s alleged failure to provide annual accounts to Amax shareholders.

“During the year under review, the financial information of Greek Mythology was unavailable,” the company said in the latest filing, adding that it expects such information “to have significant impact” on the annual results.

Greek Mythology currently has approximately 20 VIP gaming rooms and a gaming floor targeting mid- to high-end market customers from mainland China.