Summit Ascent expects to post 26% increase in revenue for 2021

Summit Ascent Holdings has announced it expects to record an increase in revenue and adjusted EBITDA of nearly HK$40.9m (US$5.2m) for the year ended December 31.

The Philippines.- Summit Ascent Holdings Ltd expects revenue to be up 26 per cent for 2021 with positive adjusted EBITDA of nearly HK$40.9m (US$5.2m), compared with a loss of HK$14.7m in 2020.

The company expects to record a net loss of no less than HK$273.8m (US$35m), compared with a loss of HK$47.8m in 2020, due to fair value losses on derivative financial instruments and impairment of property, plant and equipment.

The company, which operates Tigre de Cristal in the Primorye Gambling Zone in Russia, also revealed it has been monitoring the impact of Russia’s invasion of Ukraine, including fluctuations in the Russian ruble and interest rates.

The company stated: “The board will continue to assess the impact of economic sanctions against the Russian Federation on the financial position and operations of the group, and will make further announcements if and when it is necessary.”

See also: Russia sanctions likely led NagaCorp to halt Vladivostok resort