Ponte 16 operator swings to profit in 18H1

Success Universe, operator of Ponte 16 in Macau, posted profit of HK$14.2 million (US$1.8 million) in the first half of 2018, up from a loss of more than HK$21 million in the prior year period.

The company said the turnaround in profit was mainly attributed to a fair value gain on investment properties of the group, and an increase in the group’s share of profits related to Ponte 16.

Revenue increased by approximately 75 percent, reaching HK$478.5 million, compared to only HK$273.0 million in 17H1.

Success Universe said that stable growth momentum in Macau’s gaming industry and positive developments in the global travel and tourism sectors allowed the group to achieve encouraging results in the reporting period.

However, the company also noted downside risks for the second half of the year due to tensions between “major economies” – likely referring to risks relating to the U.S. and China’s trade war.

The company did not recommend payment of an interim dividend for the period.