GGRAsia – CY Foundation posts half-year loss

CY Foundation posts half-year loss

Nov 28, 2014 Newsdesk Industry Talk, Latest News, Macau

CY Foundation Group Ltd on Thursday reported a net loss of HKD11.92 million (US$1.5 million) in the six months to September 30.

In the prior-year period it made a profit of approximately HKD7.8 million.

A company unit called CY Management Ltd – formerly known as Weike (G) Management Macau Ltd – is principally engaged in management of electronic gaming machines in Macau casinos via service agreements.

The firm said the group’s half-year loss was “mainly due to the depreciation of multi-terminal machines and amortisation of initial investment cost”.

The parent added that the electronic gaming business and a packaging business contributed positive EBITDA (earnings before interest, taxation, depreciation and amortisation) of approximately HKD5.2 million and approximately HKD4.5 million respectively during the reporting period.

CY Foundation Group said in a filing to the Hong Kong Stock Exchange: “The management believes that the group is on track to turning around… [and] will continue to look for potential sites in Macau as well as Southeast Asia.”

The firm added it aimed to expand the number of gaming machines in operation to 1,000 by the end of this financial year, and to 3,000 by the end of the financial year ending March 31, 2017.