LET Group expects to post loss for H1

Trading in the group’s shares remains suspended.

Hong Kong.- LET Group Holdings has reported it expects to record a loss for the first half of the year after reporting a profit of HK$450.6m ($57.8m) in the prior-year period. This was due to no reversal of impairment loss on equity loans, loans, and amounts due from a joint venture and net exchange losses of approximately HK$179.2m (US$22.98m).

Earlier this month, shareholders of LET Group Holdings agreed to sell Russian assets including the Tigre de Cristal casino resort. Chairman Andrew Lo Kai Bong has previously said proceeds would fund a special dividend for Summit Ascent shareholders based on the share price before trading was suspended on the Hong Kong Stock Exchange in February. The remaining funds would be reinvested in the Westside City integrated resort project in Manila, in which LET Group holds a 51 per cent stake through Suntrust Resort Holdings.