Hong Kong-listed Century Entertainment International Holdings has announced that it expects a profit for ‘not less than’ HK$25 million ($3.21 million) for the six-month period ending on September 30th.
This is a reversal from the HK$11.4 million ($1.47 million) recorded in the same period of 2024.
The group highlights three main reasons for the change.
The first regards revenue coming in from two new subsidiaries, one of which relates to gaming – an online technology-based business based out of Manila, Philippines.
The group had previously announced that it had established a joint venture with World Platinum Technologies, leveraging its technical team and client list in Asia to market and distribute gaming systems platforms and content across the Asia-Pacific region.
The group generated approximately HK$5 million ($643,000) from the JV during the quarter, according to a previous filing.
The group also indicated it was able to offset a HK$30 million ($3.86 million) expected credit loss which would have been due to former shareholder Ng Man Sun, due a settlement in early July.
The group had also previously been engaged in the operation of VIP rooms in Cambodia, which ended in April of this year. The termination allowed for a write-off of assets and lease liabilities that totaled HK$11 million ($1.41 million), resulting in a net gain of HK$1.1 million ($141,400).
The group has not given up on its land-based operations, however, having in July signed a non-binding letter of intent with a casino operator in Vietnam to explore potential expansion into that market.
The company said the Vietnam project and its online gaming platform are complementary business lines, noting that the platform could be offered to other third-party operators, including its proposed Vietnam venture, thereby creating ‘mutual operational and marketing synergies.’
Trading in Century Entertainment’s shares on the Hong Kong Stock Exchange remains suspended until further notice, as it aims to resolve outstanding issues on HKEX compliance requirements and statements from its auditors.
