Suncity Group has predicted a $115m profit after tax despite the impact of the Covid-19 pandemic and investment in various expansion projects.<\/p>\n\n\n\n\n\n\n\n
China.- Suncity Group Holdings <\/strong>has estimated that it will generate a profit attributable to shareholders of approximately RMB750.4m (US$115.3m) for 2020.<\/strong><\/p>\n\n\n\n The announcement comes despite a 67 per cent drop in revenue for the year due to the financial impact of the Covid-19 pandemic. <\/strong><\/p>\n\n\n\n Suncity says the profit is due to three factors<\/strong>: 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).<\/p>\n\n\n\n Over the past year, the company has spent US$1bn <\/strong>on the construction and development of its subsidiary in the Philippines,<\/strong> SunTrust<\/a><\/em><\/strong>.<\/p>\n\n\n\n The group also announced last month that it will launch\u00a0new VIP gaming clubs at two Cotai casino resorts<\/strong>: The Londoner Macao<\/a><\/strong><\/em> \u2013 the\u00a0newly refurbished and rebranded Sands Cotai Central<\/strong> \u2013 and Grand Lisboa Palace<\/a><\/strong><\/em>, which SJM aims to open in the\u00a0first half of 2021.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Suncity Group has predicted a $115m profit after tax despite the impact of the Covid-19 pandemic and investment in various expansion projects.<\/p>\n","protected":false},"author":2,"featured_media":16128,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group projects a US$115.3m profit after tax for 2020, defying a 67% revenue decline attributed to the Covid-19 pandemic. This profitability stems from significant gains on derivative financial instruments, convertible bonds, and a bargain purchase from the Summit Ascent Holdings acquisition. Concurrently, the group continues substantial investment in its Philippines subsidiary, SunTrust, and plans new VIP gaming clubs in Cotai.","focusai_entities":"Suncity Group, Suncity Group Holdings, Summit Ascent Holdings, SunTrust, The Londoner Macao, Sands Cotai Central, Grand Lisboa Palace, SJM","focusai_location":"China, Philippines, Macao, Cotai","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Profitability Drivers Analysis","query":"What specific accounting treatments or market conditions enabled Suncity Group to realize substantial gains from derivative financial instruments and convertible bonds, offsetting a significant revenue decline?"},{"label":"Strategic Capital Allocation","query":"How does the US$1bn investment in SunTrust in the Philippines align with Suncity Group's long-term regional market penetration strategy, particularly given the concurrent expansion of VIP gaming clubs in Macao?"}],"footnotes":""},"categories":[16338,163],"tags":[1427,23702],"class_list":["post-16125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-suncity","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16125"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16125\/revisions"}],"predecessor-version":[{"id":16147,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16125\/revisions\/16147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16128"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}