Silver Heritage net loss rises due to Tiger Palace impairment charge

Silver Heritage Group financial results
Share this article

ASX-listed Silver Heritage Group reported its full-year net loss attributable to shareholders rose by 215.4 percent from the prior year, mainly due to an impairment charge to with the company’s Nepal operations.

 

The loss was $35.1m for the 12 months to 31 December 2019, compared with $11.1m in the previous year, the company said in a filing to the Australian Securities Exchange. Silver Heritage owns and operates Tiger Palace Resort Bhairahawa on Nepal’s border with India. The company also manages gaming at the Millionaire’s Club and Casino in the country’s capital Kathmandu.

The firm stated the yearly loss included an impairment charge of nearly $22.5m against Tiger Palace.

Group-wide revenue for the whole of 2019 stood at $15.8m, a fall of 33.7 percent year-on-year.

Gaming revenue for the period increased 15.3 percent to $12.7m. Tiger Palace contributed around $6m to group gaming revenue in 2019, up 5.6 percent from the previous year.

In light of the ongoing coronavirus pandemic, the company said it had closed its two casinos in Nepal “until further notice”, as part of efforts to contain the further spread of COVID-19.


Share this article