The entertainment and gaming business of conglomerate Starlight Culture Entertainment Group Ltd, which includes some investment in gambling junkets, made a gross profit of about HKD295,000 (US$37,586) in its financial first half ended June 30, having made a gross loss of just under HKD4 million one year earlier.
The company, formerly known as Jimei International Entertainment Group Ltd, told the Hong Kong Stock Exchange on Friday that the first-half revenue of its entertainment and gaming business fell to HKD402,000 from HKD8.5 million. The company noted there had been some negative effect from tightened credit control measures on its entertainment and gaming business.
Nonetheless the performance of that segment helped Starlight Culture Entertainment reduce its first-half loss attributable to its owners to HKD28.7 million this year from HKD237.9 million last year. First-half turnover fell to HKD16.7 million from HKD20.2 million.
The company attributed the reduction of its interim loss mainly to a gain of about HKD36 million in the first half this year on change in fair value of derivative financial liabilities arising from convertible bonds it issued. That was in contrast to a loss of about HKD152 million in its first half last year. The company added that in the latest reporting period there had also been a decrease in impairment losses and an increase in reversal of impairment losses of about HKD28 million.
On June 30, the shortfall attributable to the owners of the company was HKD97.4 million; HKD28.4 million more than on December 31 last year.
Starlight is engaged in a number of industries, including investing in film production and culture, chemicals, and energy conservation and environmental protection equipment. Until July last year, the company had operated under the branding Jimei and had been involved in junkets in Macau and Cambodia.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters