LET Group expects to post US$57.5m profit for H1

LET Group Holdings anticipates a return to profitability after a loss last year.

Hong Kong.- LET Group Holdings has forecast a HK$450.6m (US$57.5m) profit for the first half of the year. That compares to a HK$387.1m loss in the prior-year period.

The company attributed the shift to the “reversal of impairment loss on equity loans to, loans to, and amounts due from, a joint venture,” contributing around HK$413.2m and the share of profit of a joint venture, yielding approximately HK$124.1m.

LET Group Holdings is involved in the development of the Westside City project, a Manila hotel and casino resort set to open in 2024. It also oversees Summit Ascent Holdings, a Hong Kong-listed entity that predominantly owns the Tigre de Cristal casino resort near Vladivostok, Russia. Summit Ascent recently predicted a HK$16.1m loss for H1 due to exchange losses caused by the fluctuation of the Russian ruble.

In 2022, LET Group posted revenue of HK$394.3m (US$50.23m), up 34 per cent on year-on-year terms. The company posted an annual loss attributable to shareholders of just under HK$408.8m (US$52.1m).