Starlight posts narrowed loss in 2018

Starlight Culture Entertainment Group, formerly known as Jimei International, saw its entertainment and gaming business swing to a gross profit of HK$290,000(US$37,000) in the year ended December 31, 2018.

The company is involved in four main areas of business – media & culture, trading of chemical products, energy conservation and environmental protection products, and its entertainment and gaming business – i.e. junket operations.

The gross profit recorded in 2018, was up from a gross loss of HK$3.9 million in 2017.

Revenue in this segment, however, fell to HK$394,000, down from HK$9.1 million, under a tightened credit control policy of the group.

The group said it will strive to improve its performance in this area of the business.

Overall, the company reported a narrowed loss of HK$49.6 million, due to a gain on change in fair value of several items, including financial liabilities, a promissory note, and an overall decrease in operating, administrative and financial expenses.

Looking ahead, the group will continue to develop its media and culture business, noting that it has started to record revenue from this business during 2018.

In March, Starlight suspended the trading of its shares on the Hong Kong Stock Exchange, pending the release of inside information relating the liability position of the company.

The company announced the resumption of trading starting today.