Summit Ascent expects to post full-year profit

The company cited an increase in revenue from gaming and hotel operations of 12 per cent.

Hong Kong.- Summit Ascent has issued a profit alert announcing that it expects to post a profit attributable to shareholders of around HK$38m (US$4.75m) for 2024, compared to a loss a year earlier.

The company cited an increase in revenue from gaming and hotel operations of 12 per cent to HK$414.5m (US$53.28m) and “outstanding performance in mass table business.”

Summit Ascent reported that no impairment loss was recognised on property, operating right and equipment for 2024, whereas an impairment loss was recorded a year earlier.

Summit Ascent noted that trading in the shares of the company will remain suspended until it has met all resumption guidance. Trading was suspended on the Hong Kong Stock Exchange last February following the resignation of the majority of the company’s board of directors in protest at the company’s intention to sell its shares in Tigre de Cristal.

Yesterday (April 1), Summit Ascent’s parent company, LET Group, announced 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.

See also: Summit Ascent announces new appointments