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HomeNewsMacauSuccess Universe Group flags return to profit in 2023

Success Universe Group flags return to profit in 2023

Success Universe Group, an investor in Macau’s Ponte 16 hotel/casino property says it is expecting to record an unaudited consolidated profit for the six months ended 30 June 2023 in the range of HK$130 ($16.6 million) to HK$170 million ($21.7 million), up from a loss of HK$125.5 million ($16 million) in 1H22. 

According to a positive profit alert from the company on Wednesday, Success Universe said the expected profit is mainly attributable to a fair value gain on the Group’s overseas-listed equity securities and a profit of the associates relating to Ponte 16, the flagship investment project of the Group.

Success Universe Group planned to refinance up to HK$490 million ($62.6 million) in loans provided to Macau’s Ponte 16 in June.  

The company pledged to guarantee 49 percent of the payment obligation of Pier 16 – Property Development, while all existing loan facilities with the Industrial and Commercial Bank of China (Macau) were meant to mature .

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