Success Universe group issues profit warning

Macau casino investor Success Universe says it is expected to record an increased loss for the six months ended June 30, 2016.

The group said it expected to record an increase “of around 2 to 4 times” in loss after tax, mainly attributed to a decrease in the group’s share of profit in Ponte 16, the flagship investment project of the group, a significant decrease in operating revenue, a widened loss in the group’s lottery business as well as impairment loss on the carrying value of the trademark of the group’s travel business.

Earlier this year, the company reported it saw a loss for the full year 2015 as shared profit from its flagship Ponte 16 project fell and its lottery business declined due to China’s ban on online sales.

The group reported a loss of HK$11.6 million ($1.5 million) for the year ended Dec. 31, 2015, compared to a profit of HK$117.8 million in 2014.