Hong Kong-listed Success Universe Group Ltd returned to profit in the six months to 30 June 2023, aided by the recovery of Macau integrated resort Ponte 16.
According to the company’s 1H23 financial results, profit attributable to owners of the company reached HK$153.8 million (US$19.6 million), reversing HK$125.5 million (US$16.0 million) loss in the prior year period. This, it explained was due to a substantial fair value gain on the group’s overseas listed equity securities of around HK$105.5 million (US$13.4 million) plus a share of profit from the Ponte 16 joint venture of HK$71.6 million (US$9.1 million), which also reversed a shared loss of HK$9.6 million (US$1.2 million) in 1H22.
Adjusted EBITDA at Ponte 16 was HK$167.8 million (US$21.4 million), reversing a HK$1.0 million (US$127,400) loss a year earlier.
Success Universe owns a 49% stake in Ponte 16 operator Pier 16 – Property Development, with the other 51% held by Macau concessionaire SJM. The company also oversees day-to-day operations at the Inner Harbour resort, which houses 109 gaming tables including 103 mass market tables and six high-limit tables.
Separately, Success Universe also saw improved results from its travel business, Jade Travel, with revenue rising 26% year-on-year to HK$67.1 million (US$8.5 million), although profit of HK$1 million was lower than the HK$3.7 million a year earlier. Based in Canada, Jade Travel specializes in providing “professional travel solutions” to customers through dedicated segments targeting the wholesale and retail markets.
Looking ahead, Success Universe said it will leverage the “remarkable resurgence” of visitors to Macau.
“The Group perceives the mass market as the most promising segment for sustainable growth. Ponte 16, situated in the exclusive Inner Harbour area of Macau, will continue to offer an exceptional accommodation experience enriched with a distinctive cultural connotation, along with its enhanced comprehensive entertainment facilities and initiatives.
“As a casino-entertainment resort, Ponte 16 maintains its leading position, supported by strong partnerships with neighbouring communities. Furthermore, the Group will continue to implement targeted marketing initiatives across various social media and online platforms to enhance exposure of the local culture to Chinese visitors.”
RelatedPosts
