Success Universe reported a net loss of US$16m for H1
The company attributed the increase in the unaudited consolidated loss to a substantial increase in the unrealised fair value loss on the group’s overseas-listed equity securities.
Macau.- The casino investor Success Universe Group Limited has shared its financial results for the first half of the year. It’s reported a loss attributable to owners of the company increased by approximately 1.4 times to approximately HK$125.5m (US$16m).
Group-wide revenue for the period was just above HK$54.5m, up 54.1 per cent from the prior-year period. Gross profit was up 24 per cent to HK$5.3m.
The company said: “The increase in the unaudited consolidated loss of the Group for the six months ended 30 June 2022 was mainly attributable to a substantial increase in the unrealised fair value loss on the Group’s overseas-listed equity securities, notwithstanding the decrease in the Group’s share of loss of the Associates.”
For the casino hotel Ponte 16, the company posted the property recorded negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$1.0m (US$127,400) for the first half of the year. The shared loss of the associates relating to Ponte 16 decreased by 68.3 per cent to approximately HK$9.6m.
Success Universe also revealed it has provided shareholder loans of HK$19.6m and HK$9.8m in July and August 2022 respectively in proportion to the group’s 49 per cent shareholding in the project for the purpose of financing its operating cost.
As of 30 June 2022, the casino of Ponte 16 had 109 gaming tables, consisting of 101 mass tables and 8 high-limit tables.
The company said: “The global business environment is expected to remain volatile due to such external factors as the prevailing Omicron variant, rising global inflation and intensifying geopolitical tensions.
“The Group will prioritise the maintenance of corporate agility and resilience, enhance its product and service offerings while adhering to financial prudence to navigate through challenges and capture opportunities.”
