Summit Ascent expects to post US$2m net loss for H1

The result is mainly due to exchange losses caused by the fluctuation of the Russian ruble.

Hong Kong.- Summit Ascent Holdings has issued a profit warning announcing that it expects to record a loss attributable to owners of the company of approximately HK$16.1m (US$2m) for H1. That compares to a profit of approximately HK$85.2m for the corresponding period in 2022.

The expected loss is mainly due to exchange losses of approximately HK$35.2m caused by the fluctuation of the Russian ruble, while there were exchange gains in the corresponding period in 2022. The group said it expects to share its financial results for the six-month period ended June 30 2023 in late August. 

Summit Ascent’s revenue in 2022 was HK$372.3m (US$47.43m), up 40 per cent compared to HK$265.5m in 2021, predominantly attributable to the Russian mass table and electronic gaming. Gaming revenue increased by 38 per cent from the previous year to nearly HK$340.8m (US$43.43m) while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.

See also: Summit Ascent to subscribe to US$247.5m convertible bonds in Suntrust