Landing International Development issues profit warning

Hong Kong-listed Landing International Development Ltd has warned investors it expects to record an increase in net loss for the year ended December 31, 2016.

The increase in loss, according to a filing from the company, is attributed to a change in fair value of financial assets at fair value through profit or loss; an increase in administrative expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development; and an increase in other operating and administrative expenses due to expansion of the group.

Landing International Development recently announced the full acquisition of foreigner-only casino Jeju Shinhwa World project, previously known as Resorts World Jeju.

The company’s annual results announcement for the year 2016 is expected to be published by late March 2017.

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