Rich Goldman Holdings Ltd, formerly the Neptune Group, posted higher profits in the first half of 2018 compared to the same period last year, according to a filing.

Total first-half revenue, including the company’s money lending business and hotel operations, was HKD130.5 million ($16.7 million), compared to HKD296.8 million ($38 million) during the corresponding period last year, a 56% decline. Profit for the period was HKD124.4 million ($15.9 million), compared to HKD39.9 million ($5.1 million) in the same period last year.

In spite of a fall in revenue due to the cancelation last year of its junket representative agreements, profits were boosted by the reversal of impairment losses of trade receivables and intangible assets, HKD42 million ($5.4 million) and HKD49.8 million ($6.4 million) respectively, from 2017. In addition, a one-off loss on disposal of an associated company last year, worth HKD62.9 million ($8 million), meant the first half profits of this year would be that much higher.

These positive effects were offset by a 69% decline in gaming and entertainment revenue, from HKD295.5 million ($37.8 million) in the first half of 2017 to HKD91.3 million ($11.7 million) in the period of January to June of this year.