Landing posts loss of HK$343 mln for 2014

China real estate developer Landing International Development Ltd. continued to post a loss in 2014 to the tune of more than two times its loss in 2013, amounting to HK$343 million (US$42.9 million), it told Hong Kong Stock Exchange last Friday.
The filing of the company indicated that its turnover for its fiscal year ended December 31 2014 had reached HK$223 million, yet a loss attributable to equity holders of the company of HK$294 million was recorded, compared to a loss of HK$137 million in 2013.
The group said the loss it posted was due to four main reasons; namely, administrative expenses in connection with its newly acquired casino business, pre-construction administrative expenses for the integrated resort development, increases in other operating and administrative expenses due to group expansion, as well as an impairment of goodwill recognised during the year.
The newly acquired casino business of the group refers to its casino project in South Korea named Jeju Casino, which held its grand opening on January 18, 2015.
According to Landing, Jeju Casino is now operated under the trade name of Genting Jeju and currently has 26 baccarat tables, one blackjack table, one tai sai table, one roulette table and 16 slot machines.
K.L.