Macau (MNA) – Junket operator Rich Goldman Holdings Ltd. has reported a change in leadership, with So Wai Yin appointed Executive Director of the group, with former Executive Director and Chief Operating Officer (COO) Nicholas J. Niglio reappointed as a non-executive director of the firm.
In a stock exchange filing on Hong Kong Stock Exchange (HKEX) released late on Thursday, the company also expects – based upon an assessment of the unaudited consolidated management accounts ended June 30 2018 – Rich Goldman to record a significant increase in net profit of more than 100 per cent year-on-year compared to HK$39.9 million (US$5.08 million).
The company has yet to release its full financial statement.
The positive profit alert can be attributed to an increase in revenue by the hotel operation due to the acquisition of full equity interest in Harbour Bay Hotels Limited on June 26 2017.
In addition, a revenue increase contributed by the money lending business can be attributed to its expansion.
Finally, there was a notable turnaround from losses in June 30, 2017 which is attributed to the full-year effect of profit sharing in Ever Praise Enterprises Limited, which became part of the group.
There was also an absence of losses related to gaming which occured last year, and a signficant decrease in amortisation of intangible assets.
This is expected to be offset by a revenue decrease contributed by the gaming and entertainment business, the absence of a fair value gain on investment properties of almost HK$10.4 million and a one-off gain on a bargain purchase of Ever Praise which cost the company approximately HK$4.3 million and a decrease in reversal of impairment of trade receivables.