Summit Accent Holdings, an investor in Tigre de Crystal Casino Resort (pictured), located in the coastal province near the Russian Pacific port of Vladivostok, said it expected its full-year net loss for 2023 to fall significantly compared with a profit of HK$11.8 million (US$1.5 million) a year earlier.
The Hong Kong-listed company said in a filing on Thursday that the expected loss was attributable to a number of factors, including a 1% drop in gaming and hotel operating revenue to about HK$369.1 million "due to fluctuations in the Russian ruble."
It also said it recognised property, operating rights and equipment impairment losses of about HK$438.8 million in 2023, but "no such impairment losses were recorded in 2022."
In 2023, Summit Ascension also posted losses related to the exchange rate of about HK$39.1 million due to "Russian rouble fluctuations". It posted a profit of about HK$60 million in the previous year, according to data filed on Thursday.
The company said the information in the filing was "only a preliminary evaluation" of the company that "has not been audited or reviewed by the auditor or reviewed by the company's audit committee."
This is because the company's audit committee "has not yet been formed" after all outside directors of the company resigned on Jan. 15.
The mass resignation follows news that it plans to sell its Tigre de Crystal operations to Russian companies. Summit Ascension cited "uncertainty from the ongoing Russia-Ukraine conflict" as the reason for the sale.
But in late February, Summit Ascension said the deal was closed at the request of the prospective acquirer. 슬롯사이트
The same departure occurred at Hong Kong-listed LET Group Holdings, the parent company of Summit Ascension, which does not currently comply with the Hong Kong Stock Exchange listing rules.
On Thursday, the LET Group said in its own filing that it expects its full-year 2023 loss to be lower than its HK$408.8 million loss in 2022.
The parent company said it expects impairment losses on "equity loans, loans and amounts" from the joint venture to be reversed to HK$412.5 million and the joint venture's profit share to be around HK$112.3 million.
LET Group also said its financial costs fell by about HK$158.6 million in 2023.