Suncity warns of 2021 loss, says joint venture in default on $30m loan

Suncity Group Holdings said it expects to report a loss of not less than HK$526.5 million for 2021 and said a joint venture company to which it lent money is in default on a loan.

The company’s 2021 loss compares with a profit of $795.7 million in 2020, it said in a filing with the Hong Kong Stock Exchange.

Suncity said the group had continued to be affected by the Covid pandemic and by the suspension of its travel related businesses from December 1st, which resulted in a drop of travel-related revenue to $42.8 million from $123.8 million a year earlier.

The group also said its gains on the fair value of derivatives decreased by $704.4 million, while it had a rise in impairment losses on property and assets of $287.1 million.

Source: https://agbrief.com/news/hong-kong/23/03/2022/suncity-warns-of-2021-loss-says-joint-venture-in-default-on-30m-loan/