Jimei’s former HK-listed body posts HK$17.74 mln loss for 2014

Following an approved name change, Jimei International Entertainment Group Ltd. – formerly known as Sinogreen Energy International Group Ltd. and now controlled by Macau veteran junket investor Jack Lam Yin Lok – has reported a loss of HK$17.74 million (US$229 million) for 2014, its latest filing reads.
In its announcement of 2014 results filed with Hong Kong Stock Exchange on Friday, Jimei International Entertainment posted a loss of HK$17.74 million for 2014 compared against the profit of HK$344 million of the previous year.
In the financial years mentioned, the company noted that its operating segment at the time only included the trading of ‘chemical products, energy conservation and environmental protection products’.
‘The loss was mainly attributable to the absence of a one-off gain for the year ended December 31, 2014,’ Jimei International Entertainment concluded in its Friday filing.
In the financial year 2013, the former body of Jimei International Entertainment, Sinogreen Energy International achieved a profit attributable to shareholders of HK$344.31 million – a result that the company noted as a boost by a one-off gain of about HK$359.4 million following a successful lawsuit in Hong Kong that was related to the unwinding of a television technology business that Sinogreen Energy International had previously acquired.
The Friday filing also showed that Jimei International Entertainment’s total staff costs had surged by 184 per cent year-on-year to HK$9.68 million for 2014, when the company’s roster of employees expanded from 10 in 2013 to 25 in the next year. The directors’ remuneration amounted to HK$4.16 million last year, surging 127.5 per cent from HK$1.83 million in 2013.
Macau veteran junket investor Jack Lam Yin Lok and his associates assumed control of 65.85 per cent of Sinogreen Energy International in September last year, following which the firm then underwent a major board reshuffle and shift of operation focus to the gaming business.
In Jimei International Entertainment’s Friday filing, it noted that following the change of board members in early November – one that resulted in Mr. Jack Lam assuming the position of chairman of the Hong Kong-listed firm – the company has been ‘actively exploring the possibility of extending its business into the gaming and entertainment market to broaden its income sources’.
S.L.