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Rich Goldman expecting $2.3 million in losses during 2H23

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Junket investor Rich Goldman Holdings Limited is expecting to report approximately HK$18 million ($2.3 million) in losses for the second half of 2023.

The results were a significant deviation from the profit of approximately HK$79,000 ($10,099) recorded for the same period in 2022.

Furthermore, the total comprehensive loss attributable to the owners of the Company for the 2023 Interim Period is estimated to be approximately HK$13 million ($1.6 million), compared to approximately HK$19 million ($2.4 million) for the 2022 Interim Period.

Despite an increase in revenue to approximately HK$63 million ($8 million) for the 2023 Interim Period, up by approximately HK$18 million ($2.3 million) from the previous year, the Group incurred a significant loss.

This was primarily due to increased provisions for impairment and write-off of loans receivable and interest receivables, as well as increased impairment losses on properties held by the Group.

The increase in impairment losses for the 2023 Interim Period was mainly driven by a higher provision for impairment and write-off of loans receivable and interest receivables, amounting to approximately HK$9 million ($1.1 million) more than the previous year.

Additionally, impairment losses on properties classified as property, plant, and equipment increased by approximately HK$13 million ($1.6 million) compared to a reversal of impairment loss in 2022.

Despite the overall loss, there was a decrease in the total other comprehensive loss for the 2023 second half period. This decrease was primarily attributed to a net gain on foreign exchange differences related to Renminbi against Hong Kong dollars, amounting to approximately HK$8 million ($8 million).

Rich Goldman was formerly known as Neptune Group, which operated various VIP rooms in Macau before China’s crackdown on junket business in Macau.

The company previously stated it was considering whether to exit from the gaming and entertainment industry, as currently, the firm’s resources are ‘focused on other business segments.’

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.

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