{"id":777008231,"date":"2023-08-15T07:12:34","date_gmt":"2023-08-15T10:12:34","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777008231"},"modified":"2026-04-22T19:04:10","modified_gmt":"2026-04-22T22:04:10","slug":"summit-ascent-expects-to-post-us2m-net-loss-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-expects-to-post-us2m-net-loss-for-h1","title":{"rendered":"Summit Ascent expects to post US$2m net loss for H1"},"content":{"rendered":"\n

The result is mainly due to exchange losses caused by the fluctuation of the Russian ruble.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.-\u00a0Summit Ascent Holdings\u00a0<\/strong>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\u00a0the corresponding period in 2022<\/a>.<\/p>\n\n\n\n

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.\u00a0<\/p>\n\n\n\n

Summit Ascent\u2019s\u00a0revenue in 2022 was HK$372.3m (US$47.43m)<\/a>, up 40 per cent compared to HK$265.5m in 2021, predominantly attributable to the Russian mass table and electronic gaming. Gaming revenue\u00a0increased by 38 per cent<\/strong>\u00a0from 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.<\/p>\n\n\n\n

See also:<\/strong> Summit Ascent to subscribe to US$247.5m convertible bonds in Suntrust<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The result is mainly due to exchange losses caused by the fluctuation of the Russian ruble.<\/p>\n","protected":false},"author":176,"featured_media":32939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Summit Ascent Holdings has issued a profit warning, projecting an H1 2023 loss of HK$16.1m, a significant decline from H1 2022's profit of HK$85.2m. This adverse financial performance is primarily attributed to substantial exchange losses of approximately HK$35.2m stemming from Russian ruble volatility, contrasting with exchange gains in the prior year. The group's 2022 revenue growth was largely driven by its Russian mass table and electronic gaming operations.","focusai_entities":"Summit Ascent Holdings, Suntrust","focusai_location":"Hong Kong, Russia","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Ruble Impact on NGR","query":"What specific hedging strategies, if any, has Summit Ascent implemented to mitigate future Russian ruble volatility impacts on its Net Gaming Revenue (NGR) and overall profitability?"},{"label":"Operational Risk Assessment","query":"How does this H1 2023 profit warning, driven by FX losses, alter Summit Ascent's strategic outlook for its Russian gaming operations, particularly concerning capital allocation and market expansion?"}],"footnotes":""},"categories":[163,16333],"tags":[23701],"class_list":["post-777008231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-summit-ascent"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777008231"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008231\/revisions"}],"predecessor-version":[{"id":777008248,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008231\/revisions\/777008248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}