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HomeNewsHong KongSummit Ascent reports $16m for 1H22 on strong domestic demand

Summit Ascent reports $16m for 1H22 on strong domestic demand

Summit Ascent Holdings reported a net profit of HK$ 124 million ($16 million) for the half year ended on 2022, as compared to the loss reported by the company during the same period in FY21 amounting to HK$8 million ($1 million).

The transformed bottom line of the company was primely aided by the substantial revenues in a post-pandemic scenario, up 37 percent at HK$178 million ($23 million) as compared to HK$130 million ($17 million).

Strong topline was “predominantly attributable to a strong domestic market in the Russian Federation”, the company filing to the exchange read.

Of the total revenue pie, casino segment revenue constituted 94 percent, whereas the hotel segment constituted 6 percent.

The casino segment grew 37 percent on a YoY basis at HK$168 million ($21.4 million) as against HK$123 million ($15.7 million), whereas the hotel segment grew 53 percent at HK$10 million ($1.3 million) as against HK$7 million ($0.9 million)     

The Group recorded an Adjusted EBITDA of HK$60 million ($8 million) in 1H 2022, compared to HK$17.2 million ($2.2 million) in 1H 2021.

The company’s earnings per share in the first half of FY22 were recorded at HK$1.889 from a loss per share of HK$0.003 during the same period in FY21.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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