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Suncity revenue falls 70% in H1 due to Covid-19

Junket and resort operator Suncity Group Holdings announced on Monday that its revenue in the first half of the year fell 70% year-on-year to 93.7 million yuan (US$13.6 million).

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Junket and resort operator Suncity Group Holdings announced on Monday that its revenue in the first half of the year fell 70% year-on-year to 93.7 million yuan (US$13.6 million).

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Junket and resort operator Suncity Group Holdings announced on Monday that its revenue in the first half of the year fell 70 per cent year-on-year to 93.7 million yuan (US$13.6 million).

The company, chaired by Alvin Chau Cheok Wa, announced its first-half figures in a statement received by the Macau Post Daily today. The statement said that the company’s “revenue was impacted by Covid-19”.

According to the statement, the company’s first-half group gross profit dropped 46 per cent year-on-year to 28 million yuan. Loss attributable to the owners of the company amounted to 118.6 million yuan, “a significant reduction in loss by 91 per cent year-on-year”, compared to 1.25 billion yuan in the first half of last year.

The first-half revenue of the company’s “travel-related travel product and travel agency services segment” decreased 74 per cent year-on-year to 67.7 million yuan, while the “hotel and integrated resort general consultancy segment” dropped 3 per cent year-on-year to 6.9 million yuan in the first six months of the year.

The English-language statement quoted Chau as saying that he “would also like to reinforce the message to our shareholders that Suncity Group Holdings Limited remains well-funded.

“I personally fully supported the development of Suncity by dipping [into] my own pockets to subscribe perpetual securities of the Group, because I sincerely believe in the long-term development of Suncity, and I am not worried about Suncity’s ability of repaying me.”

According to Investopedia, perpetual securities (also known as perpetual bonds or perps) are bonds without maturity date.

According to the statement, “Suncity remains committed to international integrated resort development projects, including but not limited to: Hoiana, in Vietnam; Tigre de Cristal, in Russia; Westside City Project, in the Philippines; as well as a hotel & resort development in Miyako Islands, Japan.”

The statement also said that Suncity was “very pleased” to see the initial relaxation of the individual visitor scheme (IVS) policy between Macao and Guangdong province which started on 26 August, and subsequently for all other provinces, regions and municipalities in mainland China from 23 September onwards. “This is the ‘travel bubble’ that we all had hoped for – a positive sign that tourism demand for high-quality tourism and entertainment will not cease because of the pandemic,” the statement said.

The statement also said that Suncity “is en route to become a leading integrated resort operator in Asia. The statement underlined that while the company develops, operates and manages integrated resorts across Asia, it “originated from Macao.”

(The Macau Post Daily/Macau News)

 

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