Macau (MNA) – Amax International Holdings Limited announced that it expects to report a ‘obvious increase in loss’ for the for the year ended March 31, 2019 when compared to the same period last year, the company indicated in a Hong Kong Stock Exchange filing.
In a note signed by Amax’s chairman, Ng Man Sun, the company indicated that the expected losses were mainly due to an impairment loss recorded on February 16, 2019 on the interests in two associate companies for a total of some HK$382.1 million (US$48.7 million).
In February Amax had written off a 24.8 per cent stake in the defunct Greek Mythology casino, making a full impairment loss on the stake, valued at around HK$353.6 million.
At the same time it also had to write-off a debt of some HK$28.5 million, with Amax’s chairman later further increasing his share in the firm to 29.9 per cent via bond conversion.
‘The Board wishes to emphasize that the abovementioned impairments made are
one-off and non-cash in nature and do not have any impact on the cash flow and the
current business operation of the Group,’ Amax stated.
This month Amax also announced that it has sold its mobile games application business to Cambodian casino operator Galaxy World Co., Ltd for a consideration of HK$30 million.
Amax’s main businesses at the moment involves operating gaming businesses in Vanuatu and a VIP room in Cambodia.
