Ponte 16 drags Success Universe from profit to loss in 2020

Ponte 16, a flagship investment project of Hong Kong-listed company Success Universe Group Ltd (Group), posted a negative adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) of HKD242.9 million for the full year of 2020, a sharp fall from the EBITDA gains of HKD377.5 million in 2019.
The Group’s shared loss relating to Ponte 16 for 2020 was approximately HKD145.7 million, representing a sharp plunge from a profit of HKD116.8 million in 2019.
The group unveiled the 2020 financial figures for the Macau property in a report released on March 30.
Overall, the Group registered a financial net loss of HKD141.9 million for 2020. In 2019, the company posted a profit of HKD74.2 million.
“The turnaround from profit to loss,” the Group said, was predominantly due to substantial losses of Ponte 16, resulting from the impact of the Covid-19 pandemic since early 2020.
Considering global tourism has come to a standstill, the average occupancy rate of Sofitel Macau at Ponte 16 “remained low for 2020,” when compared to the equivalent figure of over 90% in 2019.
To mitigate financial difficulties, Ponte 16 has been carrying out measures to offset losses, such as cost containment measures and flexible manpower arrangements, the statement said.