Rich Goldman issues profit warning

Rich Goldman Holdings Limited issued a profit warning on Friday notifying shareholders that it would be recording more than HK$80 million (US$10.4 million) in losses for FY2020.

The warning stated that the setback was primarily attributable to an impairment loss on properties in an amount of approximately HK$65 million, and a fair value loss of the group’s investment properties of approximately HK$13 million.

The company noted that these losses relate to non-cash items and so are not expected to have any material impact on company cash flows.

Rich Goldman’s main businesses are junket promotion, money lending, and hotel operations.

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