Landing International to post 2018 loss

Landing International, the operator of the Jeju Shinhwa World IR in South Korea, said it expects to post a loss for 2018 after discontinuing two businesses, posting higher operating expenses and changing accounting practices.

The company said the bulk of the loss, amounting to HK$657 million ($83.7 million), came from the absence of profit from a discontinued lighting business in China and a gaming business in the United Kingdom.

It also said last year’s results had benefited by $209 million from the reversal of impairment of trade and other receivables charges. The Hong Kong-listed company also said it had changed its accounting practices relating to the fair value changes of equity investments in line with new Hong Kong Financial Reporting Standards.

Lastly, it said its operating expenditures had increased due to the rollout of facilities at Jeju Shinhwa World, though it provided no details on cost.