Esun reports return to profitability

Auditor uncertain about library value

HONG KONG — ESun, the group with the controlling interest in Media Asia, Hong Kong’s leading production and distribution shingle, reported a return to profits last year.

Year to December 2005, ESun delivered net profits of $27.1 million (HK$210 million), compared with a loss of $18.7 million in 2004. However auditors qualified their report, saying that they did not have enough information about the value of 127 movies carried as $24.1 million of assets in the firm’s books.

ESun, which has interlocking shareholdings with the Lai Sun group, last month raised $59 million through a placing of new shares. Cash has been earmarked for development of a site in Macau as East Television City. Site will include a casino, hotels, a convention center, film studio and retail complex. Related property group Lai Fung, Lai Sun and Singapore’s CapitalLand are also partners in the development.

Singapore-listed Media Asia and CapitalLand are partners with MGM Grand in a bid to open Singapore’s first casino.

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