Sun Int’l Resources net loss narrows end-2016

Sun International Resources Ltd., a company in which local junket boss Alvin Chau Cheok Wa owns a major interest, saw its net loss attributable to shareholders narrow by 35.8 per cent to HK$41.4 million (US$5.2 million) for the nine months ended December 31 from a year ago, according to its latest announcement this week.
The company, listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange, primarily engages in the equine trade, financial services and computer software solutions.
It explained in a filing that the improvement in the results is due to ‘gain on disposal of associates of mining service business and decrease in net loss from equine services business during the reporting period’.
In the nine months, the company’s total turnover recorded an increase of 11 per cent to HK$85.8 million compared to the same period of last year. In particular, that generated by financial services surged to some HK$34.1 million from HK$600 over the same period last year.
But the company saw its revenue derived from its equine services fal 28.5 per cent year-on-year to HK$38.9 million, while that from computer software solutions and services plunged 42.4 per cent year-on-year to HK$12.8 million.
For this year, the company believes that the expected slowdown in economic growth and the volatility of financial markets will not affect its equine services business, while such factors will also allow the company’s financial services to appeal to more investors and SMEs in Mainland China.
‘However, the results of the Group’s financial services segment would be heavily influenced by the performance of the stock markets in China and Hong Kong,’ the filing adds.