Hong Kong-listed LET Group Holdings Ltd, formerly known as Suncity Group, has issued a profit alert for the six months ended 30 June 2023 on an expected profit of HK$450.6 million (US$57.5 million). The result reverses a HK$387.1 million (US$49.4 million) loss recorded in the same period last year.
In a filing, the company said its 1H23 profit was due to the reversal of impairment loss on equity loans to, loans to and amounts due from a joint venture of approximately HK$413.2 million (US$52.8 million); and the share of profit of a joint venture of approximately HK$124.1 million (US$15.8 million) due to reversal of share of loss recognized in prior years.
LET Group’s assets include Vietnam integrated resort Hoiana, a US$1 billion hotel and casino project in Manila that is currently under construction, and Russian casino resort Tigre de Cristal – held by its majority-owned subsidiary Summit Ascent.
Summit Ascent recently issued a profit warning of its own on an expected loss of HK$16.1 million (US$2.1 million) in 1H23.
Meanwhile, LET Group has in recent months offloaded two parcels of land in Japan – one in Hokkaido and one in Okinawa – upon which it had planned to build luxury accommodations to link with its long-abandoned IR development in Wakayama.
The company said it would announce its audited 1H23 results on 29 August 2023.
