Success Universe expects widened consolidated loss for H1
Success Universe Group expects to record an increase of around 1 to 1.5 times its consolidated loss for H1 2021.
Macau.- The casino investor Success Universe Group Limited has issued a profit warning based on draft unaudited consolidated management accounts for the six months ended June 30. It said it expects to record an increase of around 1 to 1.5 times in its unaudited consolidated loss as compared with a figure of HK$52.7m (US$6.7m) for the last corresponding period.
The company attributed the increase to substantial growth in the unrealised fair value loss on the group’s overseas-listed equity securities. In addition, the company noted that financial performance for the first six months of 2022 had been worse despite a reduction in the company’s share of losses resulting from Ponte 16. It expects to publish its financial results for the first half in late August.
The casino investor had returned to profit in 2021 despite a sharp drop in sales. The company reported a profit of HK$4.9m (US$536,000) while revenue was down 58 per cent year-on-year from HK$363.8m in 2020 to HK$151.1m. Losses related to Ponte 16 were significantly reduced.