The Russian gaming project that NagaCorp is involved in, which is now halted due to the conflict in Ukraine, is expected to incur an impairment charge of about $100 million. As a result, the Cambodian casino operator's profitability might be negatively impacted.
According to the Hong Kong-listed casino operator, who announced on Monday night, the projected fee for its gaming and resort project in Vladivostok, located in the Russian Far East, is anticipated to range between $85 million to $95 million.
According to NagaCorp, the assessment is based on an independent revaluation. Depending on the finishing amount, the bottom line for the year's first half may be anywhere from a net profit of $3.1 million to a net loss of $6.9 million.
Stalled Russian Gambling Project
Earnings for the same quarter last year came to $83 million for the business. The primary Cambodian casino operation was not included in NagaCorp's filing. Still, the numbers indicate that the net profit would have been around $88 million if the Russian impairment charge hadn't been considered.
Company Secretary Lam Yi Lin emphasizes the group's good financial situation in the filing with the Hong Kong Exchange.
In its most recent annual report, released at the tail end of April, NagaCorp said that the Vladivostok gaming and resort project had a net carrying amount of $153.98 million at the end of 2013. A $126.98 million down payment was made for the project's development.
Do you want to learn how to be a bookie? Read the bookie tutorials.
No comments:
Post a Comment