Summit Ascent Holdings, a Hong Kong-listed investor at the Tigre de Crystal Casino Resort (file photo) near the Russian Pacific port of Vladivostok, said it expects revenue to rise about 37% in the first half of 2022 from a year earlier. It added that it would help it return to profit, compared with a loss of HK$8 million ($1 million) in the first six months of 2021.

The company expects profits to be “over HK$123 million” for the six months ended June 30.

Summit Ascension made the announcement in a filing to the Hong Kong Stock Exchange on Friday. It added that it plans to release its interim results for the first half of 2022 on August 23.

We are a subsidiary of Suncity Group Holdings Ltd., a Hong Kong-listed casino investor.

Summit Accent said it expects adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) to hit HK$60 million in the first half of 2022. The company had adjusted EBITDA of HK$17 million in the prior year.

“In addition to the positive cash flows generated from operating activities, expected gains are primarily derived from circulating gains of approximately HK$157 million from the unexpected appreciation of the Russian ruble for the six months ended June 30, 2022,” Summit Ascent said.

It also added that the positive performance was “partly offset” with a loss of fair value of group derivatives of about HK$75 million and a loss of elimination of group financial assets of HK$36 million.

In a recent filing, Summit Ascent commented on the potential operational effects of Russia’s invasion of Ukraine. The company said the Tigre de Crystal Casino resort “remains self-sustaining without bank loans,” but the company warned that “Western sanctions due to the Russia-Ukraine conflict could cause significant long-term damage to the Russian economy and tourism industry.”

Summit Ascension added: “The Board has been closely monitoring market conditions, including possible geopolitical redeployment, supply disruptions, and food and energy instability, and will continue to evaluate the impact of the [Russia-Ukraine conflict] on the Group’s financial position and operations and make further announcements when necessary or necessary.”

Andrew Lo Kai Bong, a senior executive at Suncity Group Holdings, acquired a controlling stake in Summit Ascent in May. The acquisition gave him a controlling stake in Summit Ascent.

Suncity Group Holdings – and Summit Ascent – were previously controlled by Alvin Chau Chek Wa, president of the Macau-based privately owned junket brand Suncity Group.

Mr Chau has resigned as chairman and executive director of Suncity Group Holdings since December last year.

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