Hong Kong-listed real estate and casino investor Landing International Development Ltd said on Thursday it expects a net profit for the six months to June 30, compared to a loss in the prior-year period. The company had said just a week ago that it expected a lower loss for the first half of 2017.
Landing International said in Thursday’s filing that the expected turnaround of the group’s performance was mainly attributable to: an increase in segment profit from property development thanks to revenue booked from real estate sales; a gain linked to adjustment in fair value of financial assets; a gain linked to adjustment in fair value regarding investment properties; and a reversal of impairment for other receivables.
The company had reported an overall loss of HKD526.5 million (US$67.3 million) in the first half of calendar year 2016, attributing much of it to costs associated with developing a new casino resort complex in Jeju, South Korea. The project had a first-phase launch in April this year.
Oct 15, 2021A Macau court was told on Friday that a US$12-billion claim against United States-based casino group Las Vegas Sands Corp (LVS) and some of its units, over alleged help securing its Macau gaming...
Oct 15, 2021
Oct 15, 2021
"The Macau recovery continues to be disrupted by false starts, while the lack of [Chinese] public holidays for rest of the year should cap the pace of the rebound”
Andrew Lee and David Katz
Analysts at brokerage Jefferies LLC