Mar 23, 2021 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck
Suncity Group Holdings Ltd says it expects to record a profit attributable to shareholders of about CNY750.4 million (US$115.3 million) for full-year 2020, despite a decrease in revenue for the period. Such profit compares with a net loss of just above CNY1.48 billion in 2019, said the company in a Monday filing.
Suncity Group Holdings is led by Alvin Chau Cheok Wa, who also controls privately-held Macau casino junket brand Suncity Group. The Hong Kong-listed company has a number of investments in casinos in the Asia-Pacific region.
In its latest filing, the Suncity listco said the Covid-19 pandemic had “significantly impacted” the group’s overall businesses, with revenue for full-year 2020 declining to CNY199.3 million, from CNY611.8 million a year earlier.
Suncity Group Holdings has investment in Hoiana, a casino resort in Vietnam, and a Philippine unit is involved in developing a casino hotel in the Westside City scheme in Manila, in the Philippines.
The company also has an investment in Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino resort in Vladivostok, Russia.
In Monday’s statement, Suncity Group Holdings said that, despite the fall in revenue, it expected to record a net profit for the reporting period. That was because of: a gain on change in fair value of derivative financial instruments of nearly CNY1.36 billion; a gain of approximately CNY213.5 million due to a change in fair value of convertible bonds as a result of the extension of maturity dates of convertible bonds it had issued during 2020; and a net gain of about CNY200.7 million on acquisition of shares in Summit Ascent.
Such gains were however “offset” by an aggregate loss of about CNY1.01 billion related to factors including loss of fair value of investment properties and finance costs, said Suncity Group Holdings.
In February, Suncity listco said it was to receive a cash payment of circa CNY155.3 million for disposal of a loss-making mainland China property development and leasing firm with interests in Guangdong province.
Mar 15, 2023
Mar 10, 2023
Mar 24, 2023
Mar 24, 2023
Mar 24, 2023Piling work for Naga 3, an addition to the NagaWorld gaming complex in Cambodia’s capital Phnom Penh, was at “96 percent completion”, said the promoter’s 2022 annual report, issued on...
(Click here for more)
April 8, 2028
Completion deadline for 'Marina Bay Sands 2.0', as authorised by Singapore’s authorities