Landing International issues profit warning

Gaming investor and casino operator Landing International has informed that revenues for FY2019 will be flat.

Hong Kong.- Gaming investor Landing International Development has issued a statement to shareholders through the Hong Kong Stock Exchange warning the firm’s full year 2019 financial results will reveal a substantial loss.

The company reported a loss of US$89.4 million in 2018, down from a profit of US$64 million the previous year, and expects the net loss to widen by no less than 160% for FY19.

This implies a net loss in excess of $200million for the 12 months ended 31 December 2019.

“The board of directors of the company wishes to inform shareholders of the company and potential investors that based on the information currently available to the board, the group expected to record a substantial increase in net loss for the year ended 31 December 2019 by not less than 160% as compared to the year ended 31 December 2018,”, the company said in a statement.

“The increase in expected net loss was mainly attributable to (i) significant decrease in net revenue from gaming business; (ii) decrease in fair values of investment properties; (iii) impairment of property, plant and equipment; (iv) decrease in interest income and increase in finance cost; and (v) increase in depreciation charges due to progressive opening of various facilities and provision for impairment of trade and other receivables,” it added.