Landing International Development to Downsize Lighting Business as it Incurs Dire Losses in 1H16

Landing International Development posted a large net loss, despite its revenues rising 3.07 times annually in first six months of 2016 to reach HK $445 million (US $57.39 million).

The company posted a net loss attributable to shareholders of HK $ 526 million on June 30, 2016, or an annual loss of HK $144 million year-on-year.

Losses were mainly accumulated from the inclusion of loss on financial assets (Liabilities) at fair value through profit or loss, and rising operating costs from constructing vacation villas, property developments, constructions and employee wages and benefits. Moreover, the group’s expanding businesses and employee wages and benefits have also added onto its operation costs.

Landing International Development’s main business is mostly into developing recreational centers, vacation villas, clubs, casinos and others. Its other businesses include property development, design and sales of LED and other solid state lighting products.

As of June 30, 2016, the company’s lighting business revenue plummeted 63% YoY to a net loss of HK $7.29 million.

The company projected the LED lighting industry and market downtrend would continue, and as it diversifies its operations and businesses the company is focusing most of its resources into developing new recreational villas and casino and gambling constructions. As the LED lighting industry declines, the company will be paying close attention to market trends to improve its lighting business performance, and adjust its pricing strategies. The company is also considering to downsize its lighting business.

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