Difference between revisions of "User talk:Concerns risk with Donaco 1H flag, Cambodia op still closed"

Latest revision as of 03:06, 26 April 2024

Border casino operator Donaco International posted a post-tax loss of nearly A$8.9 million ($6.4 million) in the half-year to Dec. 31, down from A$42.5 million profit in the same period a year ago, it said in a Monday filing with the Australian Stock Exchange.

No dividend was paid for the half-year to Dec. 31.

The 2020 interim results rose to a net profit of nearly A$48.2 million from non-recurring items related to the settlement of legal disputes over ownership of Poipet's Star Vegas club and casino (pictured) on the Cambodia-Thailand border.

The group also operates Aristo International Hotel and related casinos in Lao Cai, on the border between Vietnam and China.

Donaco has been affected by regional disruption to travel and tourism related to the COVID-19 pandemic.

Monday's filing of results confirmed that the Star Vegas casino "has been temporarily closed since April 27, 2021."

"The Board acknowledges there is significant uncertainty in Donaco's ability to meet working capital requirements," the management said in a commentary on its half-year results.

"If Donaco is unable to raise additional capital or debt to meet working capital requirements, or if there is an extended period prior to the normal resumption of casino operations, this could have a lasting impact on consolidated companies," it added

Nevertheless, the company said it controlled monthly "cash incineration" to A$322,000 during the period, "well within the target range."

In fact, Aristo International's median casino revenue rose 73.5% year-over-year to nearly A$1.1 million.

Interest, taxable, depreciated and amortised earnings (EBITDA) from Aristotel's casino operations were positive at A$230,107 compared to a negative EBITDA of A$686,767 in the prior year.

Management said Aristotel's positive EBITDA during the period reflected "Donaco's pragmatic initiative to shift its focus toward attracting customers locally."

STAR VEGAS CASINO EBITDA OF NEARLY A$1.2 MILLION, COMPARED TO POSITIVE EBITDA OF NEARLY A$2.9 MILLION IN THE SIX TIMES ended December 31, 2020.

Donaco reiterated that its lending facility with its main lender, Mega International Commercial Bank, was settled on Dec. 31 and paid a final US$1.8 million.

The casino company said it had repaid its borrowings amounting to A$131.54 million in full and had repaid $6.8 million in debt during the reporting half.

"Donaco remains in a healthy cash position of A$4.4 million as of December 31 despite the swift repayment of its lending facility," the company added.

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