Macau’s Success Universe Group has issued a profit warning regarding potential losses for H1 2024.
The group has stated to its stakeholders and investors that it is expected to record an unaudited consolidated loss ranging from approximately HK$30m (US$3.85m) to HK$50m (US$6.42m), in comparison to its previous corresponding period’s unaudited consolidated profit of approximately HK$153.8m.
The group has attributed the losses to a fair-value loss on its overseas-listed equity securities, investment properties and write-down/impairment loss of carrying amounts of the group’s "stock of properties and leasehold land and building classified under property, plant and equipment."
However, it has been noted that said losses are all unrealised in nature and are non-cash items and thus, will not affect the group’s cash flow.
Currently, the group is still finalising the unaudited consolidated interim results of its H1 2024 revenue. The information in this profit warning has been based on the preliminary assessment by the Board that has not been reviewed by the audit committee and is thus subject to adjustments.
The actual financial report is expected to be published in late August 2024.
Success Universe owned Ponte 16, a casino-hotel in Macau's World Heritage Site Inner Harbour. Its last update had been in June, regarding the appointment of its new company secretary.
Ponte 16 was also one of the Macau businesses adversely affected during the Covid-19 pandemic, necessitating financial aid from its parent company.
