LET Group Holdings anticipates a return to profitability after a loss last year.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.-\u00a0LET Group Holdings <\/strong>has forecast a HK$450.6m (US$57.5m) profit<\/strong> for the first half of the year. That compares to a HK$387.1m loss in the prior-year period.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n LET Group Holdings is involved in the development of\u00a0the Westside City project<\/a>, a Manila hotel and casino resort set to open in 2024. It also oversees\u00a0Summit Ascent Holdings<\/a>, 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.<\/p>\n\n\n\n In 2022, LET Group posted revenue of HK$394.3m (US$50.23m)<\/a>, up 34 per cent\u00a0on year-on-year terms<\/a>. The company posted an annual loss attributable to shareholders of just under HK$408.8m (US$52.1m).<\/p>\n","protected":false},"excerpt":{"rendered":" LET Group Holdings anticipates a return to profitability after a loss last year.<\/p>\n","protected":false},"author":176,"featured_media":15900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"LET Group Holdings anticipates a significant return to profitability for the first half of the year, forecasting a HK$450.6m profit, primarily driven by the reversal of impairment losses and a share of joint venture profits. This turnaround follows a prior-year loss and precedes the 2024 opening of its Westside City integrated resort in Manila. Concurrently, its subsidiary Summit Ascent Holdings projects an H1 loss due to currency fluctuations impacting its Russian operations.","focusai_entities":"LET Group Holdings, Summit Ascent Holdings","focusai_location":"Hong Kong, Manila, Philippines, Vladivostok, Russia","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Westside City GGR Impact?","query":"What is the projected GGR contribution from the Westside City project upon its 2024 launch, and how will it impact LET Group's consolidated NGR?"},{"label":"Impairment Reversal Analysis?","query":"How does the impairment reversal on equity loans reflect the underlying asset valuation and future capital allocation strategy for LET Group's joint ventures?"}],"footnotes":""},"categories":[157,16333],"tags":[24197],"class_list":["post-777008392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-let-group-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777008392"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008392\/revisions"}],"predecessor-version":[{"id":777008421,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008392\/revisions\/777008421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15900"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}