Casino project investor LET Group Holdings said it expects to jump back to profit to 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 on Friday after trading hours.
The group added that this was mainly due to two factors. One was the “recover of impairment losses on equity loans, loans and maturities to joint ventures,” which amounted to “approximately HK$413.2 million.”
The other was “a profit share of a joint venture of approximately HK$124.1 million,” reversing “a perceived loss share in previous years.”
LET Group is interested in several casino projects in the Asia-Pacific region.
Indirect manager of Philippine Stock Exchange-listed SunTrust Resorts Holdings, Inc., which developed plans for casino hotels in the Philippine capital, Manila Westside City.
SunTrust Resort announced last week that construction work on the casino hotel had reached “roof level” as of June 30. The company also reaffirmed its plans to start operations in the “fourth quarter of 2024.”
LET Group controls Hong Kong-listed Summit Ascension Holdings, which owns a number of Tigray de Crystal Casino Resorts near Vladivostok, Russia’s Far East.
Last week, Summit Ascension projected a loss of HK$16.1 million for the six months ended June 30, compared to a profit of HK$85.2 million for the corresponding period in 2022.
The Summit Ascension cited the international value of the Russian currency, saying it was “mainly due to the recognition of exchange losses of around HK$35.2 million due to fluctuations in the Russian ruble exchange rate.”
On Aug. 4, the RET Group said one of its units will complete the $27 million land disposal of Hokkaido, Japan, to its Singaporean unit, Nauticawt Energy Pte Ltd., by Aug. 31.