Far East Hotels & Entertainment Ltd. (HK:0037) has released an update.
Far East Hotels and Entertainment Limited reported a significant loss for the fiscal year ended March 31, 2024, with revenue dropping from HK$37.17 million in 2023 to HK$29.64 million in 2024. The company’s losses before tax steeply increased to HK$33.05 million compared to HK$8.73 million the previous year, and the total comprehensive expense for shareholders rose to HK$35.22 million. These financial setbacks reflect a challenging year for the company, marked by decreased revenue in both customer contracts and leases, higher administrative expenses, and a net decrease in the fair value of investment properties.
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