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Macau Legend issues profit warning amid expected 85% increase in losses

Thursday, 15 February 2018 05:23
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Macau Legend Development Limited has issued a profit warning for the year ended 31 December 2017, stating that it expects net loss to climb by more than 85% over the prior year period. The company reported a loss of HK$227.5 million (US$35.7 million) in 2016.

In a filing to the Hong Kong Stock Exchange, Macau Legend attributed the expected loss to an increase in depreciation arising from the operation of Legend Palace Hotel since early 2017, an increase in finance costs due to the cessation of interest capitalization related to Legend Palace Hotel during the year and an increase in impairment on property, plant and equipment and a decrease in potential revenue due to damage from Typhoon Hato.

Nevertheless, the company said it “remains confident in its current business strategies and will actively seek opportunities for business expansion so as to maximize value for its shareholders, partners and customers.”

Macau Legend announced in November that it had signed an agreement with four buyers to sell The Landmark Macau for HK$4.6 billion, with the deal expected to be wrapped up in early 2018.

It is also planning to build a third hotel at its Macau Fisherman’s Wharf complex called Legendale, which will house a casino. Macau Legend launched Legend Palace, which also operates a casino, in February 2017, having previously opened the Harbourview in 2015.

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