Suncity predicts $115m profit after tax
Suncity Group has predicted a $115m profit after tax despite the impact of the Covid-19 pandemic and investment in various expansion projects.
China.- Suncity Group Holdings has estimated that it will generate a profit attributable to shareholders of approximately RMB750.4m (US$115.3m) for 2020.
The announcement comes despite a 67 per cent drop in revenue for the year due to the financial impact of the Covid-19 pandemic.
Suncity says the profit is due to three factors: a gain on change in fair value of derivative financial instruments of approximately RMB1.36bn (US$209m), a gain on change in fair value of convertible bonds of approximately RMB213.5m (US$33m) and a net gain on bargain purchase on the acquisition of Summit Ascent Holdings of approximately RMB200.7m (US$31m).
Over the past year, the company has spent US$1bn on the construction and development of its subsidiary in the Philippines, SunTrust.
The group also announced last month that it will launch new VIP gaming clubs at two Cotai casino resorts: The Londoner Macao – the newly refurbished and rebranded Sands Cotai Central – and Grand Lisboa Palace, which SJM aims to open in the first half of 2021.
