Summit Ascent (00102) has announced that the group expects to take... until June 30, 2024.
Summit Ascent (00102) has announced that the group expects to achieve a net profit attributable to shareholders of approximately HKD 5.8 million for the six-month period ending June 30, 2024, while in the corresponding period in 2023, a loss of approximately HKD 16.1 million was incurred.
The expected net profit for the six-month period ending June 30, 2024 is mainly due to the following factors:
(1) Excellent performance in the midway has led to an increase of 4% in revenue from gambling and hotel business, from approximately HKD 0.182 billion in the corresponding period of 2023 to approximately HKD 0.1899 billion for the six-month period ending June 30, 2024.
(2) Fluctuations in the Russian ruble have resulted in a 37% decrease in foreign exchange losses, from approximately HKD 35.2 million in the corresponding period of 2023 to approximately HKD 22 million for the six-month period ending June 30, 2024.
(3) Depreciation and amortization decreased by 26%, from approximately HKD 39.8 million in the corresponding period of 2023 to approximately HKD 29.5 million for the six-month period ending June 30, 2024, primarily due to impairment of certain buildings, operating rights, and leased properties in 2023.