Hong Kong-listed Shin Hwa World Limited, formerly known as Landing International Holdings, has issued a profit alert for the year ended 31 December 2022 on a substantial narrowing of net loss.
The company said in a Monday filing that it anticipates its net loss for FY22 narrowed by between 65% and 85% from the HK$1.06 billion (US$135 million) loss in 2021.
Shin Hwa World Limited, which operates integrated resort Jeju Shinhwa World in South Korea, said the expected decrease in consolidated net loss was mainly attributable to “the steady growth of domestic consumption in our Jeju Shinhwa World leading to the increase in revenue generated from the integrated resort segment; decrease in amortization and depreciation; decrease in operating expenses resulting from stringent cost controls; decrease in finance cost owing to partial loan repayment during the year; reversal of trade and other receivables impairment; and the possible impact on recognition of impairment on intangible assets.”
The company added that it suffered a decline in revenue from its gaming business at Landing Casino but still expects to record the narrowed loss. Final results for FY22 are due to be published in late March.
Jeju Shinhwa World incorporates four luxury hotels with a combined 2,000 rooms, Landing Casino covering 5,500 square meters of gaming space, a number of theme parks and almost 12,200 square meters of MICE space.
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