Starlight Culture swings to loss in 17H1

Starlight Culture Entertainment Group saw its profits slide to a loss in the first half of 2017, due to a change in fair value of financial derivatives and a significant drop in revenue.

Loss for the period amounted to HK$237.9 million (US$30.4 million), down from a profit of HK$28.6 million recorded in the prior year period.

Starlight, known previously as Jimei International, said revenue took a hit after its junket arrangement with NagaCorp came to an end in early 2017. Revenue fell to HK$20.2 million in 17H1, down from HK$132.7 million in 16H1.

The company however, saw improvement in its trading, chemical products, energy conservation and environmental product products businesses, with group revenue amounting to HK$11.7 million and a gross profit of HK$367,000.

The company is also looking to further enhance its entertainment business, with the engagement of Mr. Felix Gary Gray for the development of motion picture projects, which Starlight says will enable the group to tap into the business of film production and distribution and further diversify its business.

More news from this jurisdiction

Hong KongFriday, Nov 17, 2017

Casino cruise operator Genting Hong Kong has announced the sale of 10 million shares in Norwegian Cruise Line Holdings for an aggregate amount of US$270.1 million.

Hong KongThursday, Nov 16, 2017

Genting Hong Kong has requested a halt in the trading of its shares on the HKEx pending an announcement relating to the disposal of Norwegian Cruise Line shares.

Hong KongFriday, Oct 27, 2017

The Hong Kong Football Association (HKFA) has demonstrated its on-going commitment to integrity by hosting a week-long integrity programme for players and officials across the territory.

Hong KongMonday, Oct 23, 2017

MGM is proud to have won one Gold and two Bronze Awards at the HR Innovation Awards 2017 organized by the Human Resources magazine.

Hong KongMonday, Oct 09, 2017

Melco International Development plans to give Hong Kong’s Jumbo Floating Restaurant in Aberdeen Harbour a facelift, local media reports.

Hong KongMonday, Sep 18, 2017

Genting Hong Kong announced the appointment of Tom Wolber as the president and CEO of Crystal Cruises on Friday, succeeding Edie Rodriguez.

Hong KongFriday, Sep 15, 2017

Hong Kong-listed Landing International Development Ltd has announced it has successfully placed 24 billion shares on Thursday, raising around HK$1.8 billion (US$230.3 million).