LET Group expects first-half profit of $58 mln after losses a year ago
Casino project investor LET Group Holdings Ltd said it expected to rise again to a profit of HK$450.6 million ($57.5 million) in the six months to June 30, compared with a loss of HK$387.1 million a year earlier.
The Hong Kong Stock Exchange reported the news in a filing on Friday after trading hours.
The group added that this was mainly attributable to two factors. One was “equity loans to joint ventures, loans and impairment reductions in maturities” worth “about HK$413.2 million”.
The other reversed the “loss share recognized in the previous year” with a “share of approximately HK$124.1 million in joint venture profit.”
LET Group is interested in several casino projects in the Asia-Pacific region.
He is the indirect manager of Suntrust Resort Holdings Inc., which is listed on the Philippine Stock Exchange, which developed a casino hotel plan in the Westside City of Manila, the capital of the country.
SunTrust Resort announced last week that construction work at its casino hotels had reached “roof levels” as of June 30. The company also reaffirmed its plans to begin operations in the “fourth quarter of 2024.
LET Group controls Hong Kong-listed Summit Ascent Holdings Ltd., which owns a number of Tigred Crystal Casino resorts near Vladivostok in Russia’s Far East.
Last week, Summit Accent said it expected a loss of HK$16.1 million for the six months ended June 30, compared with a profit of HK$85.2 million for the period 2022.
“It was mainly because we recognised about HK$35.2 million in exchange losses due to fluctuations in the Russian ruble exchange rate,” Summit Ascension said, referring to the international value of the Russian currency.
On Aug. 4, LET Group said one of its units will complete the disposal of a piece of land in Hokkaido, Japan, for $27 million by Aug. 31 in a Singapore-based company, Nauticawt Energy Pte Ltd.
BY: 슬롯사이트 순위