Suncity Group Holdings Ltd is anticipating a gain of approximately RMB750.4 million for the whole year of 2020, representing a sharp turn-
around from the loss of RMB1.48 billion the previous year, as stated in a statement filed on March 22.
In 2020, the pandemic took a toll on the group’s overall business, with its total revenue plunging to RMB199.3 million, down from RMB611.8 million in 2019.
Nevertheless, the Hong Kong-listed group managed to pull off several feats to offset the loss.
These include a gain of RMB1.36 billion owing to the change in fair value of derivative financial instruments; a gain of approximately RMB213.5 million on the change in fair value of convertible bonds; a net profit of RMB200.7 million on a bargain purchase on the acquisition of Summit Ascent Holdings Limited, and a Hong Kong-listed company for the development and operation of an integrated resort Tigre de Cristal in Russia.
These financial achievements were “partially” canceled out by a financial loss of around RMB1.01 billion, which was made up of losses in fair value of investment properties, joint venture, finance costs, and so on.
This prognosis draws on some preliminary statistics, gauged based on the preliminary review of the unaudited accounts of the group, according to the statement.
The group, which is helmed by chairman Alvin Chau, is set to publish its final annual financial result on March 29.
Earlier in March, Suncity Group announced that it is planning to launch VIP gaming clubs at The Londoner Macao and Grand Lisboa Palace in Cotai.
Founded in Macau in 2007, Suncity Group has operated junket businesses in Macau and has also invested in resort projects in overseas countries in the Asia-Pacific region. It held a soft opening for the integrated resort Hoiana in Vietnam in June 2020, with the official opening suspended due to Covid-19.
The group’s other integrated resort, Russia’s Tigre de Cristal, was forced to close its doors for four months and only reopened in July last year.
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