Success Universe posts loss of US$4.6m for H1

Revenue was down 52.5 per cent year-on-year.

Macau.- Success Universe Group, the investment entity behind Macau’s Ponte 16, has reported its financial results for the first half of the year. It posted a net loss of HK$35.5m (US$4.6m). That compares with an unaudited consolidated profit of HK$153.8m (US$19.7m) for the corresponding period last year.

The company mainly attributed the loss to a fair value loss on its overseas-listed equity securities and a decrease in the value of investment properties in contrast to a gain for the same period last year. It also cited a write-down of the carrying amounts of the group’s properties and leasehold land and buildings.

Revenue was down 52.5 per cent year-on-year to HK$32.5m (US$4.21m) and gross profit was HK$8.9m (US$1.15m). Revenue from the travel business decreased to HK$31.2m (US$4.04m), while revenue from the property investment business was HK$1.3m (US$168,000).

The Ponte 16 property recorded adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HK$134.7m (US$17.45m) for the first six months of 2024. The group’s shared profit relating to Ponte 16 stood at HK$58.2m (US$7.55m).

As of 30 June 2024, the casino at Ponte 16 had 109 gaming tables in operation: 103 mass tables and 6 high-limit tables. The average occupancy rate of Sofitel Macau At Ponte 16 was 85 per cent for the first half.

Yeung Hoi Sing, Sonny, chairman of Success Universe Group Limited commented: “While the entertainment and tourism industry continues to thrive, we are well-equipped to navigate the resilient recovery in the second half of 2024. Striking a delicate balance between optimism and caution, we are poised to steer through the market landscape while vigilant monitoring and adjusting strategies to overcome macro challenges.

“Our unwavering dedication remains focused on enriching our business portfolio, preserving our dedication to achieve sustainable growth and seizing forthcoming opportunities.”