Suntrust Resort sees revenue rise in Q1
The company recorded a revenue of PHP125.45m (US$2.25m).
The Philippines.- LET Group Holdings has shared the financial results of Philippine subsidiary Suntrust Resort Holdings for the first quarter. The company posted revenue of PHP125.45m (US$2.25m), compared to PHP0.003226m a year ago, and a net loss of PHP84.33m (US$1.5m), an improvement of 67 per cent from a loss of PHP256.10m in the same quarter last year.
The loss attributable to parent equity holders was similarly reported at PHP84.21m (US$1.5m). Total assets stood at PHP54.94bn (US$987m), up 1.34 per cent in year-on-year terms.
In February, the company said development of the Westside Project in the Philippines was 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. The company said Tigre de Cristal in Russia continues to face significant challenges and uncertainties due to the conflict between Russia and Ukraine.
For full 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.
