Junket investor Suncity Group Holdings Ltd has issued a profit warning for the six months to 30 June amid expected losses totaling greater than the RMB64.9 million (US$975,000) loss it posted in the same period last year.
In a Monday filing to the Hong Kong Stock Exchange, Suncity Group said that the “significant increase in loss” was mainly attributable to, but not limited to, “a loss on change in fair value of derivative component of the convertible bonds of approximately RMB697.7 million; loss arising from and provision for litigations against two indirect wholly-owned subsidiaries of the company established in the People’s Republic of China in the aggregate amount of approximately RMB411.8 million; an increase in income tax expense by approximately RMB99.0 million; and a gain from the reversal of impairment loss on trade and other receivables of approximately RMB150 million.”
The company is expected to announce its interim results on 28 August 2017.
RelatedPosts
