Casino investor LET Group Holdings Ltd reported a profit attributable to its equity holders of HKD99.5 million (US$12.8 million), up 69.0 percent from a year earlier. Its half-year revenue rose 64.7 percent, to nearly HKD312.9 million.
The firm saw its cost of sales for the January to June period increase by 124.5 percent year-on-year, to HKD196.7 million, it said in a filing on the final business day of its listing on the Hong Kong Stock Exchange on Friday.
The company reported a net operating cash outflow of approximately HKD165.8 million for the six months to June 30.
In its interim report, the company said that during the year ended December 2024, the company defaulted on the repayment of a HKD137.5-million principal on its borrowings.
“Subsequent to the end of the reporting period, the above-mentioned other borrowing has not yet been settled,” noted the firm in its Friday statement.
Consolidated adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) were HKD32.5 million in the reporting period, versus just under HKD9.7 million a year earlier.
The group is principally involved – via its unit Suntrust Resort Holdings Inc – in the development of a five star hotel called LETX and a casino complex in the Philippine capital Manila; and through its unit Summit Ascent Holdings Ltd, in the operation of the hotel and gaming business at the Tigre de Cristal property near Vladivostok in the Russian Far East.
LET Group said that as of June 30, it had “entered into agreements which will involve capital commitments” of about HKD2.22 billion, “mainly in relation to the construction project of the main hotel casino” in Manila.
It added: “Pursuant to the agreement of bank borrowing, the group is required to complete the construction of the main hotel casino by 31 December 2025 or such later date as the bank and the group may mutually agree upon writing, otherwise, it will constitute default of the bank borrowing.”
LET Group added that “based on the latest estimates, the completion and opening of the main hotel casino are now targeted for the third quarter of 2026”.
As of June 30, the remaining available facilities of LET Group’s bank borrowings were approximately HKD1.94 billion, which the firm noted “may not be sufficient to complete the construction of the main hotel casino and further funds are required”.
On August 20, Suntrust had mentioned in its second-quarter and first-half report to the Philippine Stock Exchange, that it had incurred net losses from its operations in prior years, “which resulted in a deficit” of PHP4.76 billion (US$83.3 million) as of June 30, 2025.
For its part, Summit Ascent reported on Friday a first-half profit of HKD202.9 million, up 29.7 percent year-on-year. Revenue rose 64.7 percent year-on-year, to just under HKD312.9 million. Adjusted EBITDA were HKD67.8 million in first-half 2025, compared to HKD65.3 million in the prior-year period.
In July, Summit Ascent had said it had returned to profit for 2024, amid Tigre de Cristal’s focus on the Russian domestic market.
Shares in LET Group and Summit Ascent were delisted from the Hong Kong bourse on Monday (September 1).Trading in the shares of both firms had been suspended since 2024 after they fell out of compliance with listing rules amid board member resignations.
