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Suncity Group to announce return to profit in 2020

Ben Blaschke by Ben Blaschke
Tue 23 Mar 2021 at 06:16
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Hong Kong-listed Suncity Group Holdings has issued a profit alert for the year ended 31 December 2020, stating it expects to announce a profit of around RMB750.4 million (US$115 million) when its final earnings are released next week.

The FY20 profit would reverse a loss of RMB1.48 billion (US$227 million) in 2019. Suncity attributes the improvement to multiple factors including:

  • A gain on change in fair value of derivative financial instruments of approximately RMB1.36 billion (US$209 million)
  • A gain on change in fair value of convertible bonds of approximately RMB213.5 million (US$33 million) as a result of the extension of maturity dates of convertible bonds issued by the company during the year
  • A net gain on bargain purchase on acquisition of Summit Ascent Holdings Limited of approximately RMB200.7 million (US$31 million)

Those gains helped offset a decrease in group revenue for the year, which fell from RMB611.8 million (US$94 million) in 2019 to RMB199.3 million (US$30 million) in 2020 due to the global outbreak of COVID-19.

Suncity Group held a soft opening of its Vietnam integrated resort, Hoiana, in June last year but was forced to delay the grand opening as a result of travel restrictions brought about by the pandemic.

Its Russian integrated resort, Tigre de Cristal, was also shuttered for four months before reopening in July, albeit subject to capacity limits and ongoing travel impediments. Tigre de Cristal is 77.5% owned by Summit Ascent Holdings, which in turn counts Suncity Group as its majority shareholder with a 69.7% stake.

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Tags: HoianaHong KongProfit alertSummit Ascent Holdingssuncity group holdingsTigre de Cristal
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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