LET Group expects to post full-year loss of US$27.71m

04/01/25

The company has incurred increased expenses.

Hong Kong.- LET Group Holdings has issued a profit alert announcing that it expects to post an unaudited loss attributable to shareholders of around HK$215.6m (US$27.71m) for 2024. That compares to a HK$58.7m (US$7.54m) profit a year earlier.

The company attributed the anticipated losses to higher administrative expenses and the absence of impairment reversals. In 2023, a reversal of impairment losses on loans and amounts due from a joint venture amounted to HK$412.5m, while the company.

LET Group recorded a share of profit from a joint venture totalling HK$956.8m (up from HK$112.3m in 2023), reversing prior losses, and a HK$723.1m gain from the realisation of assets and liabilities before the voluntary dissolution of the joint venture. Following the dissolution in December, a non-cash loss of approximately HK$732.8m was recorded due to the derecognition of investment cost and carrying amount.

In 2023, the company saw a one-off HK$98.4m gain from early loan repayments and a HK$39.7m gain from forfeited property deposits, neither of which occurred this year.

LET Group confirmed that trading in its shares will remain suspended until it has met all resumption guidance. The suspension has been in place since February 14, 2024. Meanwhile, the Westside City integrated resort (IR) project in Manila remains under construction. There remain challenges at Tigre de Cristal in Russia due to sanctions against Russia.