NagaCorp Issues Profit Warning Amidst Project Impairment

NagaCorp (HK:3918) has released an update.

NagaCorp Ltd. has issued a profit warning, anticipating a possible profit of $3.1 million or a loss of $6.9 million for the first half of 2024, a significant decrease from the $83 million profit in the same period the previous year. The change is primarily due to an expected impairment of $85 million to $95 million for its gaming and resort project in Vladivostok, Russia. However, the company reassures that its overall financial position remains healthy and that the expected impairment is unrealized and does not impact operational cash flows.

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