Auditor issues disclaimer of opinion as Suncity Group slips to US$33 million loss in 2021

March 31, 2022 Hong Kong Earnings & Filings

Hong Kong-listed integrated resort operator Suncity Group slipped to a loss attributable to equity holders of the company of HK$258.3 million (US$33 million) in 2021, reversing a profit of HK$884.8 million (US$113 million) in 2020. Factors contributing to the loss are the COVID-19 pandemic and impairment losses on property and loans.

Releasing its FY21 financial results on Wednesday, Suncity – which is a joint venture partner at Hoiana in central Vietnam, majority owner of Tigre de Cristal in Vladivostok, Russia and is developing a US$1 billion hotel and casino in Manila’s Entertainment City precinct – also reported an Adjusted EBITDA loss of HK$70.8 million (US$9.0 million), narrowed from the loss of HK$134.1 million (US$17.1 million) in FY20.

This was despite revenue from continuing operations rising by 87% year-on-year to HK$340.4 million (US$43.5 million). Suncity said this increase was mainly attributable to the contribution from Summit Ascent, the majority owner of Tigre de Cristal, which Suncity acquired in 4Q20.