Landing International reports net loss of US$80.1m for H1

Landing International has reported a HK$623.7m (US$80.1m) net loss for the first six months of the year, lower than the HK$792.2m (US$101.8m) loss recorded during the first half of 2020.

Hong Kong.- Landing International Development has shared its financial results for the first half of the year, reporting a HK$623.7m (US$80.1m) net loss.

Revenue was HK$476.6m, up 81.8 per cent from the HK$262.1m registered in H1 2020. Net revenue came in at HK$58.7m, down 42 per cent when compared to HK$101.1m in H1 2020.

The company reported that 74 per cent of revenue was derived from a boost in non-gaming business at Jeju Shinhwa World on South Korea’s Jeju Island through a series of marketing campaigns. Nonetheless, non-gaming business saw a loss of HK$291.7m.

Landing’s gaming segment loss reached HK$248m, compared to HK$71m in H1 2020.

In May, the company announced it had entered into a subscription agreement for HK$0.197 per subscription share. It expected to raise HKD138.8m (US$17.9m), or HKD138.5m after expenses, for the maintenance, renovation and upgrade of the existing facilities at Jeju Shinhwa World.

The company said it wanted to use part of the money for the “preliminary development cost for the construction of new hotel within Jeju Shinhwa World, which is expected to be incurred from the second half of 2021.” 

The remaining balance will be used for the payment of interest expenses and general working capital.

For 2020, Landing International reported a net loss of approximately HKD2.12bn (US$272.0m), slightly below the net loss of HKD2.13bn reported in 2019. It reported gaming revenue down 12.5 per cent year-on-year at HKD186.49m and consolidated revenue down 3.4 per cent to HKD788.01m.