Landing International Development Ltd says it is now expecting to record a net profit for the six months ended June 30, 2017, compared to a net loss in the prior year period.
Earlier this month, Landing International told investors it was expected to record a narrowed net loss for the interim period.
According to a filing from Landing on Thursday, the expected profit is attributable to: segment profit of property development arising from revenue recognition upon delivery of the properties to the purchasers; gain on fair value change of financial assets at fair value through profit or loss; gain on fair value change of investment properties; as well as a reversal of impairment for other receivables.
Landing earlier this month announced an agreement with LionsGate Entertainment to develop a theme park at Jeju Shinhwa World integrated resort.
The theme park, named Lionsgate Movie World, will be Lionsgate’s first branded outdoor theme park, which will be built exclusively around world famous movies.
The theme park will span 122,000 sqm, and will center around seven movie zones with multiple Lionsgate’s film properties, including Hunger Games, The Twilight Saga and Now You See Me.
The theme park is expected to commence construction in 2018 and is scheduled to open in 2019.