Macau junket operator Suncity Group Holdings Limited has issued a negative profit warning for the six months ended 30 June 2018, stating it expects to record a significant increase in its loss attributable to owners of the company when compared to 2017 numbers.
In a filing to the Hong Kong Stock Exchange, the company said the result is mainly attributable to the increase in loss of approximately RMB944.1 million (US$137.3 million) in respect of the change in fair value of the derivative component of convertible bonds.
Suncity had group-wide losses of RMB1.06 billion in the first six months of 2017, up from RMB64.9 million in 1H16. Full results for the six months to 30 June 2018 will be released next week.
Suncity announced earlier this month that is was delaying again the purchase of a 34% stake in Vietnam IR project Hoiana while it waits for developer Hoi An South Development Ltd to receive bank approval. Completion of the purchase is expected to be completed by the end of August.
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