Success Universe has issued a profit warning on an expected decline in profit of between 40% and 50% for the year ended 31 December 2024.
In a filing, the company explained that the decline compared with consolidated profit of HK$169 million previously announced for FY23.
Notwithstanding a gain of approximately HK$31 million recognized from the disposal of the Group’s overseas listed equity securities, Success Universe said the reasons for the decline in profit include a decrease in the group’s share of profit of the associates relating to Ponte 16, its flagship integrated resort investment project located in Macau’s Inner Harbour area.
It also pointed to a substantial increase in the fair value loss on investment properties and write-down of carrying amount of the group’s stock of properties in FY24, and the recognition of a substantial impairment loss of carrying amount of the group’s leasehold land and building.
The write-down and impairment losses are all unrealized in nature and are non-cash items which will not affect the cash flows of the group, it added.
Success Universe said it expects to announce its final results for the year ended 31 December 2024 in late March 2025.
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