Starlight Culture Entertainment Group Ltd.

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Starlight Culture expects its interim results to turn around to a profit of HK$3 million

Starlight Culture (HK01159) announced that it expected the Group's performance in the first half of 2019 to turn losses into profit, and the unaudited consolidated net profit attributable to owners of the company was approximately HK$3 million.

The Board considers that the improvement of the Group's overall performance was mainly attributable to the following factors: an increase in gross profit of about HK$33 million; a decrease in total operating expenses, administrative expenses and financing costs of about HK$38 million. However, the reduction in related expenditures is offset by three factors: The gains from changes in fair values of derivative financial liabilities dropped from approximately HK$36 million in the same period last year to HK$0, the income tax expenditure increased by HK$1 million, and the loss attributable to non-controlling interests decreased by HK$1.4 million.