LET Group indicates 65% revenue increase in 1H25, profit up to $12.77M

Hong Kong-listed LET Group has announced surprising results for the first half of the year, stating that total revenue was up by 65 percent, to HK$312.85 million ($40.13 million).

The group also announced that its profit rose to HK$99.54 million ($12.77 million), from HK$58.88 million ($7.55 million) in 1H24.

This comes after the group, on August 11^th, issued a profit warning noting that it was expecting to record a loss of HK$42.8 million ($5.5 million), down from a 1H24 loss of HK$75.3 million ($9.66 million).

The new data include a HK$133.79 million ($17.16 million) profit from ‘holder of perpetual securities’, while still noting that shareholders of the company saw a loss of HK$34.25 million ($4.39 million) during the period.

The figures were significantly bolstered by a HK$246.9 million ($31.67 million) gross gaming revenue contribution from its 77.5 percent subsidiary’s interest in the Tigre de Cristal integrated resort in Russia. Overall revenue from Tigre de Cristal was up by 12 percent yearly, to HK$212.75 million ($27.29 million), with gaming operations revenue from the property rising by 13 percent yearly.

While the group has been trying to divest of its interest in Tigre de Cristal, it has fully set its sights on its upcoming operation in the Philippines: Westside City.

The group holds an indirect 51 percent stake in the Westside City project, alongside Alliance Global (AGI).

While questions have arisen over LET Group’s ongoing stake in the project, it notes that, as of June 30^th, its subsidiary Suntrust ‘would be the sole and exclusive operator and manager to operate and manage the Main Hotel Casino upon commencement of operation of the Main Hotel Casino in the third quarter of 2026’.

No revenue was derived from the project in 1H25.

Despite some concerns raised by auditors, the LET Group assures that – based on its moves to mitigate liquidity risks – ‘the Directors are of the opinion that the Group will have sufficient working capital to maintain its operations and to meet its financial obligations and to raise adequate funds to finance development of the Main Hotel Casino project in the next 12 months from 30 June 2025’.

LET Group and its subsidiary with holdings in Tigre de Cristal – Summit Ascent – are both being delisted from the Hong Kong Stock Exchange on Monday.