Success Universe 2019 profit to rise at least 30pct

Mar 19, 2020 Newsdesk Latest News, Macau, Top of the deck  

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Macau casino investor Success Universe Group Ltd says it expects its consolidated profit for full-year 2019 to increase by “around 30 percent to 40 percent,” compared to the prior year. The company told the Hong Kong Stock Exchange on Wednesday that it based that expectation on the increase in the group’s share of profit from its investment in a casino hotel in Macau.

The company made a profit of about HKD54.2 million (US$7.0 million) for the whole of 2018.

The Ponte 16 casino hotel (pictured) is located on the Macau peninsula and is operated under a joint venture between Success Universe and Macau casino operator SJM Holdings Ltd.

In Wednesday’s filing, Success Universe said the expected increase in profit was “notwithstanding the decrease in fair value gain on the group’s investment properties as well as the write-down of carrying amount of the group’s stock of properties.”

It added: “The increase in the unaudited consolidated profit of the group for the year ended 31 December 2019 was mainly attributable to the increase in the group’s share of profit of theassociates relating to Ponte 16.”

Success Universe told the stock exchange that it expected to issue its results for full-year 2019 later this month.

The company reported last August a 232.3-percent increase year-on-year, in first-half profit, to HKD48.7 million. The group – which also operates travel and property investment businesses – saw revenue rise 38.6 percent, to HKD663.2 million.

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