Shin Hwa World has alerted its stakeholders that the company is expected to “record a decrease of approximately 20% to 35% in consolidated net loss for the six months ended 30 June 2024.”
The reduction in loss has mainly been attributed to an increase in consolidated revenue generated from the gaming business and property development segments; a decrease in amortisation and depreciation; and a decrease in finance costs.
Currently, the company is “still in the course of assessing the impairment loss on intangible assets” and has thus anticipated the 20% to 35% reduction in consolidated net loss for this time period.
It was also noted that the alert was “only a preliminary assessment of the consolidated management accounts” that had yet to be reviewed and confirmed by an independent auditor of the company and thus will be “subjected to adjustments.”
The actual interim results are expected to be announced in late August 2024.
Shin Hwa World is the operator of Jeju Shinhwa World, the company’s flagship integrated leisure and entertainment resort on Jeju Island, South Korea.
Recently, two other South Korean casino operators have also updated their revenue reports for Q2 2024. Jeju Dream Tower saw a 30% monthly decrease in revenue, but showed a slight increase year-on-year. Paradise Co, meanwhile, saw a 7.3% monthly increase in July revenue but was down year-on-year.
