Uncategorized

Summit Ascension Increases First-Half Revenue 37 Pct, Returns Profit

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.

BY: 온라인카지노

Related Posts

The Most Notable Gambling Industry Fines in Recent Years

많은 사람들에게 알려지지 않은 도박 산업은 가장 존경받는 규제 시장에서도 다소 모호한 측면이 있습니다. 20여 년 전 온라인 도박이 등장한 이후 공정성을 보장하기 위한 방법으로 규제에 여러 가지…

Online Slot Mechanics and the Intricacies of Paylines

온라인 카지노의 세계는 다양한 측면을 가진 다면적인 산업입니다. 의심할 여지 없이 가장 인기 있는 부분 중 하나는 슬롯으로, 연간 천만 달러를 투자합니다. 여러 글로벌 시장에서 플레이어가 이용할 수…

How White Label Companies Shape Modern Gambling

지난 20년 동안 도박 산업(특히 온라인 도박)은 극적으로 발전해 왔으며, 기업들이 시장에서 우위를 점하고 새로운 기회를 찾기 위해 한 번에 여러 방향으로 이동하기도 했습니다. 물론 도박 애호가들은 텔레비전…

Churchill Downs’ Major Impact on the US Gambling and Sports Betting Industries

의심할 여지 없이 지난 몇 년 동안 미국 온라인 도박 시장은 특히 수익 수치 증가를 통해 상당한 인기를 얻고 있습니다. 본질적으로 세계 최대 규모 중 하나가 될 것으로…

2024 김종하배 전국 꿈나무핸드볼대회

2024 김종하배 전국 꿈나무핸드볼대회 성황리 종료… 무안초-진천상산초 우승 쾌거 대한핸드볼협회가 주최한 2024년 마지막 대회인 ‘제9회 김종하배 전국꿈나무핸드볼대회’가 지난 11월 20일부터 25일까지 강원특별자치도 횡성군에서 성황리에 막을 내렸다. 제9회 김종하배…

대한핸드볼협회, 핸드볼 우수 선수 해외

대한핸드볼협회, 핸드볼 우수 선수 해외 특별 훈련 시행 대한핸드볼협회는 핸드볼 우수 선수가 참가하는 해외 특별 훈련을 헝가리 NEKA(헝가리 핸드볼 아카데미)에서 진행하고 있다고 밝혔다. 해외 특별 훈련이 진행되고 있는…

Leave a Reply

Your email address will not be published. Required fields are marked *