The controlling shareholder of the Philippine Stock Exchange-listed Suntrust Resort Holdings, LET Group Holdings (formerly known as Suncity Group Holdings), has announced that its subsidiary recorded a PHP256.1 million ($4.5 million) loss in the first quarter of the year.
The results reversed the profit of PHP92.6 million ($1.62 million) registered in 1Q23. The loss was attributed to sharply increased operating expenses, tax expenses, and finance costs, and revenue and income plummeted in the quarter.
According to the company’s filings with the Hong Kong Stock Exchange and the Philippines Stock Exchange, Suntrust’s operating expenses increased by 95 percent from PHP69 million ($1.21 million) in 1Q23 to PHP135.4 million ($2.36 million) in 1Q24.
The loss per share was PHP0.0353, compared with earnings per share of PHP0.0128 in the previous year’s quarter.
The total revenue and income for the quarter were only PHP3,226 ($57), compared with PHP162.1 million ($2.83 million), all in foreign exchange gains, in the same quarter last year.
Currently, the company is developing its Westside City Project integrated resort in Manila, the main hotel-casino of which will comprise entertainment and a five-star hotel with over 450 rooms. Additionally, it is developing the Westside shopping mall, opera house, and a 2,000-room hotel complex.
The company projects that the Philippines Westside City Project will open its Main Hotel and Casino in the first quarter of 2025.
