Suncity Group has issued a profit warning for the six months to 30 June 2019, stating that it expects to record a loss attributable to owners of the company. However, it also expects that loss to have narrowed by between 15% and 25% compared with the RMB1.65 billion loss it suffered over the same period in 2018.
In a filing with the Hong Kong Stock Exchange, Suncity said the result is due to a decrease in loss of around RMB499 million in respect of the change in fair value of derivative financial instruments, offset in part by; a decrease in gross profit of around RMB125 million primarily resulting from the substantial decrease in revenue from sale of properties of the Group; and an increase in loss of around RMB57 million in respect of the change in fair value of investment properties of the Group.
Suncity’s listed entity incorporates the group’s real estate, travel and casino management arms, however it doesn’t include junket operations.
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