Silver Heritage reveals positive results

Silver Heritage has achieved a breaking-record revenue since the IPO.

Australia.- Silver Heritage Group released this week its preliminary results based on the passed months of the current year. According to the official statement, the Australian casino operator has recorded gross profit of US$5.1 million since January to current date, which represents an increase of 20 percent over the same period in fiscal year 2016.

The results show the company has achieved its strongest operating quarter “since its initial public offering in August 2016, with sales revenue reaching US$4.8 million in third quarter of 2017.” Adjusted EBITDA was US$956,000, an increase of 61 percent over the average taken from the first two quarters of the year. Cash on hand as of September 30, 2017 was US$13.3 million.

Furthermore, the Australian based company Silver Heritage Group announced that the funds needed to complete the Tiger Palace Resort Bhairahawa in Nepal had been raised. The central bank cleared the company to move money cross-border earlier this month.

Silver Heritage announced that, following the completion of the institutional part of its entitlement offer, trading in its shares would restart. “This was the last in a complex series of approvals for increasing our foreign direct investment in Nepal, and we welcome the confirmation from the Nepal Rastra Bank,” managing director and chief executive at Silver Heritage Mike Bolsover said in a previous statement.