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Shin Hwa World issues expected loss up to $69.0 million for fiscal year 2023

March 4, 2024 South Korea Casino & Hotel

Shin Hwa World, the business in charge of managing the Jeju integrated resort, issued a profit warning and estimated a loss of between HK$450 million and HK$540 million, or $57.5 million and US$69.0 million, for the fiscal year that ends on December 31, 2023.

It is anticipated that the FY23 deficit would exceed double the amount of the 2022 deficit, which totaled HK$217 million (US$27.7 million). However, compared to the HK$338.9 million (US$43.2 million) the business reported losing in the first half of 2023, this loss is less.

Intense competition and local customers visiting other countries once travel restrictions were loosened are the primary reasons for Shin Hwa World’s FY23 loss, the business said. The integrated resort development sector is the source of this decreased income.

The loss is also linked to lower residential real estate sales during a real estate market slump and increasing interest rates, in addition to higher operational expenses brought on by inflation—particularly for building maintenance and utilities—and employee benefit costs. The loss was partially attributed to possible ramifications for the recognition of impairment on intangible assets, as well as the absence of about HK$63 million (US$8.1 million) from the impairment of trade and other receivables that was reported in FY22.

Shin Hwa World intends to release its audited FY23 results by the end of March 2024.

Original story by: IAG

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