Trading in the group’s shares remains suspended.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.-\u00a0LET Group Holdings\u00a0has reported it expects to record a loss for the first half of the year after reporting a profit of HK$450.6m ($57.8m) in the prior-year period<\/a>. This was due to no reversal of impairment loss on equity loans, loans, and amounts due from a joint venture and net exchange losses of approximately HK$179.2m (US$22.98m).<\/p>\n\n\n\n Earlier this month, shareholders of\u00a0LET Group Holdings\u00a0agreed to sell Russian assets including the Tigre de Cristal casino resort. Chairman Andrew Lo Kai Bong has\u00a0previously said<\/a> proceeds would fund a special dividend for Summit Ascent shareholders based on the share price before\u00a0trading was suspended on the Hong Kong Stock Exchange<\/a>\u00a0in February. The remaining funds would be reinvested in\u00a0the Westside City integrated resort project in Manila<\/a>, in which LET Group holds a 51 per cent stake through Suntrust Resort Holdings.<\/p>\n","protected":false},"excerpt":{"rendered":" Trading in the group’s shares remains suspended.<\/p>\n","protected":false},"author":176,"featured_media":25402,"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 first-half loss, contrasting with a prior-year profit, primarily due to impairment losses and net exchange losses. This financial outlook coincides with the strategic divestment of its Russian assets, including the Tigre de Cristal casino resort, with proceeds earmarked for a special dividend for Summit Ascent shareholders and reinvestment into the Westside City integrated resort project in Manila.","focusai_entities":"LET Group Holdings, Tigre de Cristal, Summit Ascent, Andrew Lo Kai Bong, Suntrust Resort Holdings","focusai_location":"Hong Kong, Russia, Manila","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.85), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"H1 Loss Impact?","query":"What is the projected impact of the H1 loss on LET Group's full-year financial performance and its ability to secure further financing for the Westside City project, considering the current capital market conditions?"},{"label":"Westside City Funding?","query":"How will the proceeds from the Tigre de Cristal divestment specifically de-risk or accelerate the development timeline for the Westside City integrated resort in Manila, and what are the revised GGR and NGR projections for this asset?"}],"footnotes":""},"categories":[163,16333],"tags":[24197],"class_list":["post-777018506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-let-group-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018506","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=777018506"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018506\/revisions"}],"predecessor-version":[{"id":777018538,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018506\/revisions\/777018538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25402"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777018506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}