IEC expects to post full-year loss of US$17.3m
The company has incurred increased expenses related to its integrated resort in Manila.
Hong Kong.- International Entertainment Corporation (IEC) has issued a profit alert announcing that it expects to post a loss attributable to its owners of at least HK$135m (US$17.3m) for the 12 months to June 30. That compares to a HK$18.3m (US$1.7m) profit a year earlier. It expects revenue to be up 7.4 per cent year-on-year at HK$15.3m.
The company attributed the anticipated losses to increased expenses of HK$126.8m (US$16.3m), including one-time expenses of circa HK$40.9m (US$5.2m) related to the establishment of its integrated resort (IR) in Manila. IEC also saw higher interest expenses on bank borrowings as well as an increase in net foreign exchange losses.
In May, IEC commenced casino operations at New Coast Hotel Manila. The provisional licence was granted on September 27, 2023, by the Philippine Amusement and Gaming Corporation (PAGCOR). The company committed to invest between US$1bn and US$1.2bn in the casino project.
