Hong Kong-listed LET Group has issued a profit warning ahead of the release of its financial results for the six months to 30 June 2025, revealing it expects to record an unaudited loss attributable to shareholders of approximately HK$42.8 million (US$5.5 million).
This would represent a narrowed loss compared with the HK$75.3 million (US$9.6 million) loss reported for the same period last year.
In a filing, LET Group – formerly known as Suncity Group – said factors impacting its 1H25 result included interest income of HK$13.4 million (US$1.7 million), the absence of reversal of loss of a joint venture where there was a reversal in loss of HK$234.3 million (US$29.8 million) reported last year, an increase of HK$12.2 million (US$1.6 million) in finance costs, and net exchange gains of HK$184.7 million (US$23.5 million).
Final results have not yet been finalized, the company added.
LET Group, whose shares have been suspended from trading since February 2024, currently counts its controlling interest in Summit Ascent Holdings – the parent company of Russian casino-resort Tigre de Cristal – as its sole source of revenue, although it has outlined plans to sell Tigre de Cristal if a buyer can be found.
Earlier this year, LET Group exited the joint venture that developed and opened Hoiana – the Vietnam IR now controlled by Hong Kong-based investment firm VMS Group, which is linked to jewelry giant and gaming investor Chow Tai Fook.
Instead, the company has admitted it is solely focused on its Manila integrated resort development, LETX, of which it holds a 51% stake via Philippine-listed Suntrust Resort Holdings. Despite this, completion of LETX was recently pushed back nine months until late 2026 while the cost estimate has risen to US$1.25 billion.
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