Ponte 16 backer expects 1H loss at least halved

Aug 18, 2021 Newsdesk Latest News, Macau, Top of the deck  

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An investor in the Ponte 16 casino resort in Macau says it expects the firm’s consolidated loss for the first half to be at least 50 percent lower – and possibly as much as 70 percent lower – than such loss in the first half of 2020.

Success Universe Group Ltd runs the Macau peninsula resort (pictured) in partnership with an entity under the business empire of the late gaming entrepreneur Stanley Ho Hung Sun, and using the gaming licence of SJM Holdings Ltd.

Success Universe noted in its Tuesday filing to the Hong Kong Stock Exchange that its first-half 2020 loss had been HKD132.3 million (US$17.0 million). At the time, it said that was mainly due to business disruption caused by the Covid-19 pandemic.

Based on a minimum halving of loss for the first six months this year, that should mean a loss of no more than HKD66.2 million.

The expected narrowing was mainly due to a “decrease in the group’s share of loss of the associates relating to Ponte 16,” and a fair-value gain on the group’s investment properties. A fair-value loss on Success Universe’s investment properties had been recorded for the first half of 2020, noted the filing.

The firm is still finalising its first half unaudited results: these are expected to be published later this month. Nonetheless it noted it expected to record for the period a fair-value loss on the group’s overseas listed equity securities.

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