{"id":262,"date":"2024-06-27T02:36:53","date_gmt":"2024-06-26T23:36:53","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/27\/suncity-group-reports-significant-drop-in-income-in-first-half-of-2020\/"},"modified":"2024-06-27T02:36:53","modified_gmt":"2024-06-26T23:36:53","slug":"suncity-group-reports-significant-drop-in-income-in-first-half-of-2020","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/27\/suncity-group-reports-significant-drop-in-income-in-first-half-of-2020\/","title":{"rendered":"Suncity Group Reports Significant Drop in Income in First Half of 2020"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/qoKAidRzdQ4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Suncity Group declared its financial performance for the first half of 2020, with a substantial decrease in income compared to the same period last year. However, a notable reduction in the value gains on convertible bonds lessened the company&#8217;s overall financial shortfall.<\/p>\n<p>Suncity Group, a company specializing in gaming services and integrated resort operations, experienced a significant decline in income during the first six months of 2020, compared to the same period in the previous year. Nonetheless, a considerable reduction in the value gains on convertible bonds mitigated the company&#8217;s net loss.<\/p>\n<p>Income for the period ending June 30th decreased to RMB937 million (GBP10.2 million\/EUR11.5 million\/USD13.8 million), with customer contract income accounting for RMB774 million and rental property income contributing RMB163 million.<\/p>\n<p>The majority of Suncity&#8217;s revenue in the first half originated from Macau, contributing RMB625 million, representing a 74.4% decrease compared to the same period last year. Vietnam contributed RMB10.9 million, where the company provides management services for the new Hoiana integrated resort; Cambodia contributed RMB1.2 million, and China property rentals contributed RMB2.8 million.<\/p>\n<p>The reduction in income led to a 74.2% decrease in the cost of goods sold, reaching RMB658 million, resulting in a gross profit of RMB2.8 billion, down 45.8%.<\/p>\n<p>Despite the decline in revenue, Suncity&#8217;s pre-tax loss was significantly reduced, decreasing from RMB1.26 billion to RMB204.9 million. <\/p>\n<p>In spite of a reduction of 332 million yuan due to fair value adjustments in investment properties, expanding losses in joint ventures, and heightened administrative expenses, the organization recorded a gain from fair value changes in derivative financial instruments that balanced out this reduction.<\/p>\n<p>This is connected to the company&#8217;s convertible bonds, whose value rose by 588.2 million yuan, after being written down by 1.07 billion yuan in the first six months of 2019. After subtracting a tax credit of 81.2 million yuan, Suncity&#8217;s net loss for the first half of the year was 123.2 million yuan, compared to 1.25 billion yuan in the first half of 2019.<\/p>\n<p>This surpassed the company&#8217;s prediction of a net loss of 108 million yuan last month.<\/p>\n<p>Suncity Chairman Alvin Chau stated: &#8220;There is no doubt that the first half of this year has been a challenging period, as the COVID-19 pandemic is affecting all aspects of the economy &#8211; travel restrictions, business closings, stock market declines.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suncity Group declared its financial performance for the first half of 2020, with a substantial decrease in income compared to the same period last year. However, a notable reduction in the value gains on convertible bonds lessened the company&#8217;s overall financial shortfall. Suncity Group, a company specializing in gaming services and integrated resort operations, experienced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suncity Group Reports Half-Year Earnings: Income Down, But Gains Offset Losses<\/title>\n<meta name=\"description\" content=\"Suncity Group, a leading gaming and resort operator, saw a drop in income for the first half of 2020, but gains from convertible bonds helped mitigate the decline.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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