Success Universe 1H loss to double, Ponte 16 ops improving

Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured in a file photo), says it expects the firm’s consolidated loss for the first half to be at least double – and possibly be as much as 1.5-times more – as the loss it recorded in the first half of 2021.

Success Universe is a joint venture partner with a unit of casino concessionaire SJM Holdings Ltd in Ponte 16, at Macau’s Inner Harbour district.

The firm noted in a Friday filing to the Hong Kong Stock Exchange that its first-half 2021 loss had been HKD52.8 million (US$6.8 million).

The worsened financial performance anticipated for the first six months of 2022 was “notwithstanding a decrease in the group’s share of loss of the associates relating to Ponte 16”, Success Universe said.

The firm stated the expected increase in the unaudited consolidated loss for the period would be “mainly attributable to a substantial increase in the unrealised fair value loss on the group’s overseas listed equity securities”.

Success Universe added: “The unrealised fair value loss is a non-cash item and will not affect the cash flows of the group.”

The firm is still finalising its first half unaudited results: they are likely to be published later this month.

Source: https://www.ggrasia.com/success-universe-1h-loss-to-double-ponte-16-ops-improving/