NagaCorp tips 40 pct profit hike in 1H on slot deal

Jun 02, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Cambodia casino operator NagaCorp Ltd says it expects its first half net profit to rise “not less than 40 percent” compared to the prior-year period.

It anticipates such profit in the six months to June 30 to be “not less than US$100 million and potentially more”, it stated in its profit warning.

The half year results are likely to be published in mid-August 2015, the firm said.

It added in a Monday filing to the Hong Kong Stock Exchange that the improvement in net profit is “largely attributable to the US$40 million receipt by the group from certain investors” that will work with the firm to operate a new electronic games business at its NagaWorld casino resort (pictured) in the Cambodian capital Phnom Penh.

NagaCorp had said in a filing on May 28 that the outside investors would be entitled to 30 percent of the revenue generated from the 300-machine hall, with NagCorp taking the rest. The outside investors will also deposit another US$10 million with NagaCorp “at a later date” to purchase new electronic gaming machines.

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