NagaCorp US$77mln loss as Cambodia casino closed most 1H

[geovalin]

The outcome “reflects the impact from the voluntary temporary suspension of business operations since 2 March 2021, in response to the Covid-19 outbreak in Cambodia,” said the firm, in a Monday filing to the Hong Kong Stock Exchange. The firm did not declare a dividend for the latest reporting period.

 

The group has a long-life monopoly casino licence for the Cambodian capital, Phnom Penh, via its NagaWorld resort complex (pictured), and also has a development project in the Russian Far East. The group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) remained positive for the first half, at US$11.2 million. That compares with EBITDA of US$88.7 million in the prior-year period.

 

Had it not been for a one-off cost “related to the employee mutual separation scheme” – a reference to some staff leaving the firm, coinciding with the ongoing closure of NagaWorld – then the half-year 2021 EBITDA would have been US$17.7 million, NagaCorp said in its first-half filing. Group-wide revenue for the period was US$130.4 million, 65.4 percent down on the US$377.5 million in the prior-year period.

 

read more https://www.ggrasia.com/nagacorp-us77mln-loss-as-cambodia-casino-closed-most-1h/

[Scott Tracy]

It's not a loss. A loss is a minus figure at the end of the balance sheet. They made less profit than last year. That's all.