Success Universe posts net loss of US$6.7m for H1

Success Universe Group has reported a net loss of HK$52.7m (US$6.7m) for the first half of the year, down 60.1 per cent from H1 2020.

Macau.- Macau casino investor Success Universe Group Limited has shared its financial results for the first half of the year, reporting a net loss of HK$52.7m (US$6.7m), down 60.1 per cent from HK$137m reported for the first half of the previous year.

The company’s revenue was HK$35.4m, down 89 per cent year-on-year from HK$333.9m. 

Success Universe attributed the losses to a reduction in the loss from the Ponte 16 complex, which reported a shared loss of HK$30.3m for the first six months of the year, compared with a loss of HK$64m in H1 2020.

The venue recorded negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$41.4m, compared with a negative figure of HK$93.3 for the last corresponding period.

In June, Success Universe reported that it had been providing financial assistance to Pier 16 Property Development for the development of Ponte 16 to guarantee 49 per cent of its payment obligations regarding existing facilities.

According to the company, Ponte 16 carried out a series of cost containment measures to alleviate the financial pressure brought by the Covid-19 pandemic. It had been streamlining operational efficiency with flexible manpower arrangements.

Success Universe said: “Supported by market recovery, the gaming and occupancy performance of Ponte 16 saw improvements during the reporting period.

“Most notably, the business performance of Ponte 16 recovered to almost half of pre-pandemic levels and the average occupancy rate of Sofitel Macau At Ponte 16 reached over 90 per cent during the Labour Day Golden Week.”

Success Universe acquires 23.4 units of Bitcoin

In May, Success Universe revealed that it had acquired approximately 23.4 units of Bitcoin. The purchase was made as an investment at a cost of (HK$10.1m) US$1.3m. 

Success Universe said in a press release: “Although the cryptocurrency market is volatile in the near-term and the prices of cryptocurrencies may be subject to fluctuations, the Board believes that there is still room for cryptocurrencies in general.”

The company said the investment would diversify the Group’s investment portfolio and enhance its asset value.