Rich Goldman expects a doubling of net profit for the fiscal year
According to the gambling investor of the Rich Goldman Casino Holdings Ltd, the net profit for the fiscal year until June 30, 2018 will double at least.
Last year, the figures for the same period were at the level of 39.9 million Hong Kong dollars ($5.08 million).
The company, known as Neptune Group Ltd until September last year, was once valued by analysts as one of the largest VIP-investors in Macau, in accordance with the turnover from the big-betting halls owned by their partners.
The company said that the latest business forecast was based on a preliminary assessment of an unverified unified management accounting system.
Rich Goldman explained the expected increase in hotel profits of HK $236,000.
The main reasons for this were: the completion of the purchase of Harbor Bay Hotel Ltd; unspecified growth in profits from monetary loans, mainly due to expansion; transformation of the loss of the subsidiary company, Ever Praise Enterprise Ltd, into profit; as well as the absence of losses from the depreciation of intangible assets related to gambling and entertainment, amounting to about 397.3 million Hong Kong dollars.
The company also noted that in the planned reporting period there was also a one-time loss of HK $62.9 million in the subsidiary, which did not show good results a year earlier; as well as a decrease in depreciation of intangible assets associated with gambling and entertainment due to the cessation of the flow of profits from the two areas of gambling.
In February, Rich Goldman announced a net profit of HK $ 7.26 million for the first half of the fiscal year, which is 72% less than the previous year.
Suggested Reading - Gambling in Canada