Success Universe flags return to profit in 1H

Aug 17, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured in a file photo), says it expects the firm’s consolidated profit for the first half of 2023 to be “in the range of approximately HKD130 million [US$16.6 million] to HK$170 million”. That compares with an unaudited consolidated loss for the last corresponding period of HKD125.5 million, it said.

Success Universe is a joint venture partner with a unit of casino concessionaire SJM Holdings Ltd in Ponte 16, at Macau’s Inner Harbour district.

The firm noted in a Wednesday filing to the Hong Kong Stock Exchange that the expected turnaround was linked to Ponte 16 posting a profit for the six months ended June 30. The Hong Kong-listed firm said the group’s shared loss of the associates relating to Ponte 16 had been approximately HKD9.6 million in the first half of 2022.

The firm said the expected profit for the initial six months this year was also a result of a “substantial fair value gain on the group’s overseas listed equity securities” during the period, compared with a fair value loss of HKD97.0 million for last year’s corresponding period.

The firm is still finalising its first half unaudited results: they are likely to be published later this month.

Success Universe reported a loss attributable to its owners of just below HKD287.1 million for 2022, compared to a profit of HKD4.9 million in 2021.

Hoffman Ma Ho Man, deputy chairman of Success Universe, told GGRAsia in June that a “three-storey mall” and an open-air “plaza” were being proposed to the local government as part of an extension to Ponte 16.

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