Suncity Group has issued a positive profit alert for the year ended 31 December 2017, declaring it expects to announce record profit attributable to the owners of the company.
In a filing to the Hong Kong Stock Exchange, Suncity Group said that profit derived during the year was mainly attributable to the reversal of provision for litigations of approximately RMB289 million as a result of the correction of prior year’s errors and the reversal of impairment loss recognized in respect of deposits for non-current assets of RMB438 million. It added that the reversal was partially offset by the effect of change in fair value of derivative financial instruments of convertible bond of approximately RMB330 million.
The company had previously suffered a loss of RMB490.4 million (US$77.4 million) in 2016. Suncity Group’s annual results are due to be announced on 29 March.
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