The board of directors of Magnum Entertainment Group Holdings Limited announced that, based on a preliminary review of the unaudited management accounts of the Group for the eleven months ended February 28, 2014, the Group recorded a substantial decrease in profit for the eleven months ended February 28, 2014 and it is expected to record a loss for the year ending March 31, 2014. The estimated non-recurring listing expenses of approximately HKD 17.6 million are expected to be charged to the consolidated statement of comprehensive income for the year ending March 31, 2014. If the non-recurring listing expenses are not taken into account, the group should record a profit, but will nonetheless decrease significantly compare to that of the same period last year, owing to (i) decrease in turnover due to an increased competition in the clubbing industry; and (ii) increased operating expenses including property rentals and staff costs, which have been disclosed in the Prospectus.
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