IEC results: full-year loss amounts to US$17m

The company attributed the loss to an increase in general and administrative expenses.

Hong Kong.- International Entertainment Corporation (IEC) has shared its financial results for the 12 months to June 30 this year. It reported a loss attributable to its owners of HK$132m (US$17m). That compares to a HK$18.3m (US$1.7m) profit a year earlier.

The company attributed the loss to an increase of 110.9 per cent in year-on-year terms in general and administrative expenses to HK$204.6m (US$26.29m), including one-time expenses of HK$40.9m (US$5.2m) related to the establishment of its integrated resort (IR) in Manila. IEC reported that 42.1 per cent of expenses were associated with staff expenditures.

Revenue was up 10.9 per cent year-on-year. Gaming revenue stood at HK$170m (US$21.85m), up 27.3 per cent from the prior year. The company said the increase was mainly due to the commencement of casino operations at New Coast Hotel Manila in May. A provisional licence was granted on September 27, 2023.

Hotel operations revenue was down 18.8 per cent when compared to the previous year to HK$59.8m (US$7.68m) mainly due to the renovation of hotel rooms.

Philippines records 3.7m international arrivals in first eight months of the year

The Department of Tourism (DOT) has reported that the Philippines received 3.7 million international arrivals in the first eight months of the year. That’s an increase of 10.9 per cent when compared to last year. The figure represented 92 per cent of arrivals in the country and includes people classified as overseas Filipinos.

South Korea remained the country’s biggest source market, accounting for 26.8 per cent of arrivals (1.08m). The figure was up 13 per cent when compared to last year. The United States was the second-biggest source market with 637,592 arrivals, 15.8 per cent of all arrivals.

There were 260,773 arrivals from Japan, up 33.6 per cent in year-on-year terms, while China fell to the fourth spot, with 174,328 arrivals (6 per cent). This was a 38.3 per cent increase from last year. In August, 21,298 arrivals from China were recorded, a 25.3 per cent decline in month-on-month terms.