Suntrust Resort net loss widens
The loss grew by 212.3 per cent in year-on-year terms.
The Philippines.- Suntrust Resort Holdings, a subsidiary of LET Group Holdings, has shared its financial results for the year 2024. The company posted a net loss of PHP1.09bn (US$18.68m), up by 212.3 per cent in year-on-year terms.
It posted net revenue of just PHP372,000 (US$ 6,410). That’s an increase of 273.6 per cent year-on-year. Operating expenses were PHP706m (US$12.14m), up 78.4 per cent year-on-year.
Trading in its shares remains suspended until it has met resumption guidance. The suspension has been in place since February 14, 2024.
In a separate statement, Suntrust said construction of the main hotel-casino at the Westside Project in the Philippines is underway and progressing as planned. The US$1bn project is set to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces. It is expected to open by the end of the year.
Meanwhile, the company said Tigre de Cristal in Russia continues to face significant challenges and uncertainties due to the conflict between Russia and Ukraine.
Suntrust said it continues to “actively seek opportunities to divest its non-core business of property development in Niseko and Miyako Island of Japan, a strategic move intended to enhance the Group’s cash flow, despite no buyer has been secured as of yet.”
