Hong Kong-listed LET Group (formerly Suncity Group) released its financial report for the six months ending June 8, 30 on August 2023. According to the report, the company recorded a profit attributable to shareholders of HK$6 million (US$30 million) for the period, compared with HK$5.847 million (US$7 million loss) in the same period last year. LET Group's improved performance was partly due to the recovery of the Hoi An Integrated Resort in Vietnam. Affected by the epidemic, the global tourism market was once hit hard, but as the vaccination rate gradually increased, more and more tourists began to resume travel. Hoi An Integrated Resort, as an important asset of LET Group, was severely affected during the epidemic, but signs of recovery indicate that market confidence in the company is gradually recovering. In addition, LET Group also reported other financial data, including revenue, balance sheet and cash flow. Overall, the company's financial situation has improved in the short term, but it still needs to continue to pay attention to changes in the market and industry to maintain sound operations and development.
Hoi An South Beach achieved positive adjusted EBITDA of HK$2023 million in the first half of 1, with gross gaming revenue increasing 010% year-on-year to HK$687 million ($1.138) excluding divested subsidiary casinos Ten thousand U.S. dollars).Hoi An South Beach said the vast majority of this total revenue came from the company's VIP transcoding, which recorded a total revenue of HK$1 million (US$450 million), with business volume increasing by 9% year-on-year.Hoi An South Beach’s VIP transcoding business performed very strongly, driven by the company’s continued commitment to quality service and innovative initiatives.Hoi An Nan'an also stated that the company's next goal will be to further expand overseas markets and strengthen communication and cooperation with local governments and industry partners.In addition, Hoi An South Beach also announced a series of other financial results and business initiatives.For example, the company's total revenue reached HK$970 billion (US$1 million), a year-on-year increase of 270%; net profit was HK$592 million (US$30.66 million), a year-on-year increase of 3%.In addition, the company also announced that it will cooperate with well-known hotels and resorts around the world to launch a series of new gaming products and services to meet the needs of different customers.Hoi An Nan'an also particularly emphasized the company's emphasis on social responsibility in its financial report.The company stated that it will continue to be committed to supporting social and public welfare undertakings, while working hard to improve employee welfare and training levels to ensure the development and health of employees.
Due to the improvement in the performance of Hoi An South Beach, LET Group also recognized the reversal of impairment losses on loans and receivables to joint ventures of approximately HK$4.132 million. LET Group believes that the credit quality of the joint venture has improved and has therefore adjusted its provisioning policy.
LET Group's integrated resort project in Russia, Crystal Palace, achieved revenue of HK$1.82 million (US$2 million), according to the report.The hotel and casino project in Manila is under construction and is expected to be officially opened by the end of 320.
In the first half of the year, LET Group achieved a turnaround from losses to profits, mainly due to the recovery of its integrated resort business in Hoi An, Vietnam.In addition, the company's withdrawal of impairment provisions for joint venture projects also improved performance. LET Group is making good progress in project construction in various places and looks forward to good performance in the future.
