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.