Palasino Holdings posts profit of US$2m for H1
Profit attributable to shareholders was down 8.19 per cent in year-on-year terms.
Hong Kong.- Palasino Holdings, the spinoff of Far East Consortium, has shared its financial results for the first six months of the financial year 2025. It posted a profit attributable to shareholders of HK$15.7m (US$2m), down 8.19 per cent in year-on-year terms.
Interim revenue was up 1.4 per cent year-on-year to HK$282.1m (US$36m). Gaming revenue stood at HK$196.1m (US$25.03m), up 0.9 per cent year-on-year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were down 41.8 per cent year-on-year at HK$30.4m (US$3.88m).
The number of slot machines in the group’s casinos increased from 568 units on March 31 to 630 units by September 30. The company reported that HK$12m (US$1.53m) of net proceeds from its global offering and over-allotment was used for the purchase of slot machines and general working capital, in line with its planned use of net proceeds. The company said the online gaming business generated no revenue in the first half of the financial year.
Palasino Holdings currently operates one integrated land-based casino and resort and two full-service land-based casinos in the Czech Republic. The group also owns and operates three hotels in Germany and one hotel in Austria. These offer accommodation, catering, conference facilities and leisure services.
Far East Consortium expects to post loss of US$115.6m for H2
The Far East Consortium (FEC) has reported that it expects to record a HK$900m (US$115.6m) loss for the second half of the year. The loss was mainly attributed to a change in the fair value of investment properties and a share of impairment loss recognised by an associate and a joint venture (which is non-cash in nature) as well as currency exchange losses.
For the financial year 2024, FEC reported revenue was up by 57.5 per cent year-on-year to HK$10.2bn (US$1.31bn). Gaming revenue was up 3 per cent at HK$402.4m (US$51.5m). Hotel operations revenue increased by 31.2 per cent to HK$2bn (US$256m). Revenue from property development was HK$8bn (US$1.02bn), up 91.6 per cent.
