Shin Hwa World expects net loss to decline

The company expects increased revenue from its gaming segment and a reduction in operating expenses.

South Korea.- Shin Hwa World, the former Landing International Development, has issued a profit alert announcing that it expects to record a decrease in net losses of around 10 per cent year-on-year for full-year 2024. The company attributed this to an increase in consolidated revenue, particularly from the gaming business, alongside a decrease in amortisation and depreciation expenses and a reduction in operating expenses, despite the adverse impact of a decrease in fair value of investment properties.

In 2023, the company posted an annual loss of HK$522.4m (US$66.8m), more than double the HK$216.9m loss in the previous year. Group-wide revenue was down from HK$1.39bn (US$175.8m) to HK$1.04bn.

Gaming revenue was up 1.4 per cent year-on-year, to HK$46.8m (US$6m). However, segment loss from the gaming business was approximately HK$258.4m. The company reported that its gaming business showed signs of recovery in 2023, with an increase in both rolling and non-rolling volume compared to the previous year. However, a decline in the winning percentage negatively impacted revenue. 

Last November, the company announced the issue of convertible bonds due in 96 months worth HK$200m (US$25.7m).

The company expects increased revenue from its gaming segment and a reduction in operating expenses. South Korea.- Shin Hwa World, the former Landing International Development, has issued a profit alert announcing that it…