Landing International Development Limited says it expects to record a slight year-on-year decrease in net loss for the six months to 30 June 2020, despite revenue falling by around 25%.
In a profit warning filed with the Hong Kong Stock Exchange, Landing said it, “expected to record a decrease in consolidated revenue of approximately 25% and a slight decrease in consolidated net loss for the six months period ended 30 June 2020 as compared with the corresponding period in 2019.”
The decrease in revenue is mainly due to the COVID-19 pandemic, it added, which has resulted in a drop in visitation to the group’s integrated resort – namely Jeju Shinhwa World in South Korea – and reduction of property sale activities.
However, Landing also said it recorded an increase in net revenue from its gaming business, a decrease in operating expenses and a decrease in finance costs for lease liability due to the termination of leases in 2019.
The company had reported a loss of HK$835.6 million in 1H19, with revenue of HK$347.4 million. Gaming revenue at Landing Casino – located at Jeju Shinhwa World – was HK$79.8 million.
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