Suncity Group reveals fall in net losses for 1H

Suncity Group reveals fall in net losses for 1H

The Hong Kong-based casino resorts company reduced net losses in the first six months of the year.

Hong Kong.- Suncity Group Holdings has revealed financial results for the first half showing net losses reduced from RMB1.2 billion (US$181.1 million) in H1 2019 to RMB108 million (US$15 million) in the first six months of this year.

According to the group, the change is due to RMB596 million (US$86 million) in gains through the change in the fair value of derivative financial instruments. These were partially offset by some investment properties value changes, the increase in the share of loss at a joint venture and increased finance costs.

The group is now mainly focusing on property development and hotel and travel consultancy services.

The Group said in a filing: “The Perpetual Securities provide a stable source of funding to support the growth of the group as well as to cope with its development. The Subscription demonstrated Mr. Chau’s confidence in the group going forward”.

It has been said that the Chairman of Suncity Group Holdings, Alvin Chau, will provide funds of up to HK$6 billion (US$774 million) through additional perpetual securities.

Suncity is behind several overseas integrated resort projects, including Westside City Resorts World in Manila, the HOIANA integrated resort project in Hoi An, Vietnam, and Tigre de Cristal resort in Vladivostok, Russia.

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