The Star investor and Hong Kong Stock Exchange-listed Far East Consortium (FEC) has warned of a possible HK$900 million ($115.6 million) loss for the six months ended September 30th, 2024.
According to a recent filing, the company expects the figure will be ‘not more’ than the figure but compares it to a profit of HK$232.24 million ($29.8 million) in the same period of the previous year.
The expected loss is attributed to ‘a change in fair value of investment properties and share of impairment loss recognized by an associate and a joint venture […] as well as currency exchange losses’.
The group notes that the figure could still be adjusted before the release of its unaudited interim results on November 28th.
Far East Consortium, alongside HKEX-listed Chow Tai Fook, hold a 50 percent interest in the Queen’s Wharf Brisbane in Australia– the group’s multi-billion-dollar project which opened in late August of this year.
FEC and Chow Tai Fook had been rumored to assume up to 20 percent ownership of The Star during its recent financial difficulties, but the acquisition never materialized.
The casino venture is just one aspect of Far East Consortium’s global network, primarily built on real estate and development.
