{"id":21962,"date":"2021-08-25T13:21:18","date_gmt":"2021-08-25T16:21:18","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21962"},"modified":"2026-04-23T16:19:28","modified_gmt":"2026-04-23T19:19:28","slug":"suncity-expects-profits-of-us27-8m-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suncity-expects-profits-of-us27-8m-for-h1","title":{"rendered":"Suncity expects profits of US$27.8m for H1"},"content":{"rendered":"\n<p>Suncity Group expects to report a return to profitability for the first half of the year 2021.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>China.-\u00a0<strong>Suncity Group Holdings\u00a0<\/strong>has estimated\u00a0<strong>a profit of RMB180m (US$27.8m) to RMB240m<\/strong> for H1. That compares to a loss of RMB118.6m per cent in the same period last year.<\/p>\n\n\n\n<p>According to the company, it will <strong>benefit from changes in the fair value of derivatives was approximately RMB449.4m<\/strong>\u00a0and from the sale of its equity in Access Achievement for RMB 167.8m.\u00a0<\/p>\n\n\n\n<p>The company stated<strong>\u00a0it continues to be affected by the Covid-19 pandemic\u00a0<\/strong>and the lack of tourists, which led to a fall in revenue from RMB67.7m to RMB26.9m for the first half of the year.<\/p>\n\n\n\n<p>Suncity recorded costs and expenses from continuing operations, including<strong>\u00a0finance costs of RMB123.1m<\/strong>\u00a0and its share in the loss of a joint venture of RMB139.9m. <\/p>\n\n\n\n<p>The casino operator launched a\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-launches-voluntary-redundancy-scheme\">voluntary exit scheme<\/a>\u00a0for employees. The so-called<strong>\u00a0\u201cPersonal Career Reshaping Plan\u201d\u00a0<\/strong>offers benefits such as extra allowances for employees over 60 years old.<\/p>\n\n\n\n<p>It also includes a<strong>&nbsp;partial payout of social security contributions<\/strong>, an extension of medical insurance coverage, and career planning support services.<\/p>\n\n\n\n<p><strong>Alvin Chau<\/strong>, CEO of the company, has issued a letter to employees, saying that the company is facing&nbsp;<strong>challenges due to the Covid-19 pandemic<\/strong>.<\/p>\n\n\n\n<p>Chau stated: \u201cFor the company\u2019s sustainable development, it is necessary to change the strategy,&nbsp;<strong>optimize the organizational structure<\/strong>, retain the core business, and respond to changes in the market environment.\u201d<\/p>\n\n\n\n<p>Suncity will share its full results for the first half of the year on August 31.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suncity Group expects to report a return to profitability for the first half of the year 2021.<\/p>\n","protected":false},"author":176,"featured_media":21987,"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 Holdings anticipates a return to profitability for H1 2021, projecting a profit of RMB180m-RMB240m, primarily driven by fair value changes of derivatives and an equity sale. Despite a significant decline in core revenue due to the ongoing Covid-19 pandemic and reduced tourism, the casino operator is implementing a voluntary employee exit scheme and strategic organizational optimization to adapt to market challenges.","focusai_entities":"Suncity Group Holdings, Access Achievement, Alvin Chau","focusai_location":"China","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.8), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact of Restructuring?","query":"What is the projected impact of Suncity's organizational restructuring and voluntary exit scheme on its operational expenditure and long-term human capital strategy, particularly in a constrained tourism market?"},{"label":"Sustainable GGR Growth?","query":"Given the significant contribution from non-operating income (derivatives, asset sales) to H1 profitability, what is Suncity's strategy for driving sustainable GGR\/NGR growth amidst persistent tourism restrictions?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,23702],"class_list":["post-21962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21962","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21962"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21962\/revisions"}],"predecessor-version":[{"id":21991,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21962\/revisions\/21991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21987"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}