GGRAsia – Success Universe expects 1H loss to widen by 50pct

Success Universe expects 1H loss to widen by 50pct

Aug 04, 2017 Newsdesk Latest News, Macau, Top of the deck

Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), said on Thursday that it expects to record a higher consolidated loss after tax for the six months ended June 30 compared to the prior-year period. The company reported a consolidated loss after tax of approximately HKD12.6 million (US$1.6 million) for the first half of 2016.

“Based on a preliminary review of the draft unaudited consolidated management accounts of the group for the six months ended 30 June 2017, the group is expected to record a significant increase of the unaudited consolidated loss after tax… by approximately 50 percent as compared with that of the corresponding period of 2016,” Success Universe stated in a filing to the Hong Kong Stock Exchange.

Success Universe said that the expected increase in the consolidated loss was mainly attributable to: a reduction in shared profit relating to casino hotel Ponte 16; and a decrease in operating revenue and increase in loss of the group’s travel business.

Success Universe is a joint venture partner with a unit of SJM Holdings Ltd in casino hotel Ponte 16, on the Macau peninsula. The firm also has a sports lottery sales agency network covering a few provinces in mainland China.

The company’s executive director and co-chairman Hoffman Ma Ho Man told GGRAsia in June that Success Universe was revamping the gaming zones for VIP play and “high-limit” play at the Ponte 16.

The Hong Kong-listed company posted a net loss of nearly HKD31.0 million for full 2016, a sharp increase of 364.4 percent from the HKD6.7-million loss recorded in 2015.