Ainsworth Game Technology Ltd announced that it expects its AUD13-million (US$8.4 million) investments in Argentina “to be fully written down” in its first-half results to June 30, and that as a result, it expects to release its unaudited numbers on August 31, two days later than it mentioned in a filing with the Australian Securities Exchange Commission last week.
The Australian slot-maker still expects to report a first-half pre-tax profit of AUD$23 million, “excluding currency impacts and one-off items,” according to Asia Gaming Brief.
The firm revealed the plan in a recent announcement to the Australian Securities Exchange.
Regarding the group’s exposure to Argentina, it stated, “The board highlighted that despite preliminary legal advice indicating a high likelihood of recoverability, administrative delays in court proceedings,” and other matters, “this write-down was considered necessary at the present time. The write-down will be re-evaluated as more information becomes available to reliably assess the extent of recoverability.”
The filing added, “Macro-economic uncertainties and political instability within Argentina have continued since 30 June 2023 with the Argentinian peso experiencing significant depreciation.”
