China Star Entertainment anticipates profit decline

By
Newsdesk

China Star Entertainment Limited, which controls Hotel Lan Kwai Fong, issued a profit warning yesterday to the effect that the profit for the year 2015 will decrease 46 per cent to 52 per cent year-on-year. In 2014 the company recorded a profit of HK$210.01 million, which means the profit in 2015 will range from between HK$113.41 million and HK$100.80 million.
The decrease was explained by a decline of 26 per cent to 32 per cent in terms of gross profit, which in 2014 stood at HK$650.14 million, caused by the ‘recession in the gaming industry’. The other factor mentioned was share-based payment expenses of approximately HK$52 million, which were related to share options granted in 2015.
The results of China Star Entertainment are expected to be published on 29 March.