Suncity Group expecting a swing into profits in H1
Thursday 26 de August 2021 / 07:39
⏱ 1 min read
(Hong Kong).- Hong Kong-listed Suncity Group has informed shareholders it expects to record a profit between RMB180 million and RMB240 million (US$37 million/MOP296.9 million) in the first six months of this year.
This would represent an improvement from the RMB118.6 million in losses registered in the same period of last year.
In the announcement signed by chairman Alvin Chau, Suncity indicated that The COVID-19 pandemic has continued to ‘negatively impact’ its overall business especially revenue from travel-related products and services, which significantly decreased from approximately RMB67.7 million last year to RMB26.9 million between January and June of 2021.
The Hong Kong-listed group does not include Suncity’s VIP junket operations, with its business cope mainly covering property development and leasing, provision of hotel and integrated resort general consultancy service, and operation of integrated resorts.
The group’s turn into profit was attributed to a gain on change in fair value of derivative financial instruments amounting to approximately RMB449.4 million, and the gain on the disposal of the entire equity interest in the group’s Chinese property development arm, Access Achievement Limited, for approximately RMB167.8 million.
Still, the results were offset by finance costs of approximately RMB123.1 million and the share of loss of a joint venture of approximately RMB139.9 million.
By
Nelson Moura
Categoría:Casino
Tags: Sin tags
País: Hong Kong
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