Summit Ascent expects to post profit for 2022

Summit Ascent Holdings has announced that it expects to report a turnaround for the last financial year.

Hong Kong.- Summit Ascent Holdings Ltd has reported that based on a preliminary review of its financial results for 2022, it expects to report a profit of HK$30.9m (US$3.94m). That marks a turnaround from a HK$273.8m (US$34.89m) loss in 2021.

The improvement was attributed to a 40 per cent rise in revenue to HK$106.8m (US$13.61m) in 2022. Additionally, an impairment loss registered in 2021 has been reversed.

Summit said it is still in the process of finalising the audited annual results for the year ended December 31. Its audited consolidated financial results are expected to be announced later this month.

Summit Ascent is a subsidiary of LET Group, formerly known as Suncity before its rebranding after the arrest of its founder Alvin Chau. It LET Group has raised HK$48.5m (US$6.2m) through the placement of 269m shares at a price of HKD 0.186 each, representing approximately 3.88 per cent of all issued shares.

The company plans to use HK$19m (US$2.42m) from the net proceeds to repay an outstanding loan of HK$400m (US$51m) that was advanced to the company by four independent third-party lenders last September.