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SUCCESS UNIVERSE SAYS Profit could fall by up to 35%

SUCCESS UNIVERSE SAYS Profit could fall by up to 35%

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By outlookindiacom pluginplay
Travel blogger

Shares of Macau casino investment firm Thurgess Universe Group fell more than 3% on Friday after the company issued a profit warning the day before. The company said it expects consolidated after-tax profit to fall between 25% and 35% in the six months to June 30, 2014.

The company posted a profit of HK$68.1 million (US$8.8 million) in the first six months of 2013.

Success Universe is a joint venture partner with SJM Holdings Ltd. at Macau Casino Hotel Ponte 16.

"The estimated decline was primarily attributable to the unrecurring of profits recognised at around HK$83.4 million in the first half of 2013 as the group removed long-term outstanding payments following the exercise of options by Maruhan Inc," Success Universe said in a filing on Thursday.

During the first half of 2013, Maruhan, the operator of Japan's Pachinko Hall, exercised its contractual rights to a 10.2% stake in World Fortune Inc., an indirectly incomplete subsidiary of Success Universe, and to the loans of its shareholders that Maruhan provided to World Fortune. Maruhan is the second largest shareholder of Success Universe, holding a 19.42% stake as of the end of December 2013.

In a filing on Thursday, Success Universe said shared profits related to the Ponte 16 casino hotel were expected to "significantly increase" in the first six months of 2014 from the same period last year.

It also said the company's lottery business had "a compelling result" and expected a profit for the first six months, compared with a loss a year ago.

BY: 에볼루션 바카라사이트

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