Hong Kong-listed Landing International Development Limited has issued a profit warning ahead of the release of its FY18 financial results, stating it expects to record a loss for the year ended 31 December 2018.
The loss is attributable to a range of factors including the absence of around HK$657 million in profit following the sale of London casino Les Ambassadeurs Club in late 2017 and discontinued operations of its lighting business in China, from the absence of approximately HK$209 million of reversal of impairment of trade for the year ended 31 December 2017, plus escalating costs from the progressive opening of facilities at its Korean IR, Jeju Shinhwa World.
Final FY18 results are expected to be published by late March 2019.
Landing International endured a dramatic year in 2018, including a false start to the development of a planned integrated resort in Manila after Philippines President Rodrigo Duterte quashed the company’s land lease deal, and the disappearance of Chairman Yang Zhihui for three months.
Yang subsequently resurfaced in November, confirming he had been detained for questioning by Chinese authorities.
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