Macau casino operator Greek Mythology recorded net profit of HK$424 million for the year to March, helping its major shareholder A-Max Holdings return to the black.
Greek Mythology, which operates under the Sociedade de Jogos de Macau gaming licence, also reported earnings before interest, taxes, depreciation and amortisation of HK$522.7 million during the period, A-Max said.
A-Max, which raised its stake from 19.9 per cent to 49.9 per cent on March 28, said it booked a HK$178.8 million gain in fair value of net assets in its enlarged stake in Greek Mythology and a three-day net profit contribution of HK$6.5 million from the casino operator.
Gains from Greek Mythology lifted A-Max's net profit to HK$112.9 million for the year, reversing a HK$46.1 million net loss a year earlier. But turnover fell 19.8 per cent to HK$81 million and its operating loss widened to HK$63 million from HK$44.4 million.
'Return from this investment will increase significantly once operational plans for the casino are fully implemented,' A-Max said yesterday.
It bought the additional stake from Greek Mythology's founder Ng Man-sun. A-Max, an electronics stationery maker, valued the casino operator at HK$6.85 billion.