Ponte 16 operator expects to reduce 2H21 loss by 50-70% q-t-q

Sofitel, Ponte 16

Success Universe says that it is expecting to record a drop in its consolidated loss for the first half of the year of between 50 and 70 percent when compared to the previous period. Given the group’s loss of HKD132.3 million in 2H20, the loss could fall to HKD39.7 million. The group attributes the reduction as due to “the decrease in the Group’s share of loss of the associates relating to Ponte 16” and a fair value gain on its investment properties.

In June, the group announced that it would be acting as a 49 percent guarantor for an amended and restated facility agreement of HK$500 million, used to assist Ponte 16 in refinancing its existing facilities, general working capital, and to finance the payment of the land premium.