International Entertainment posts loss of US$4.6m for H2

International Entertainment Corp’s loss has increased by 464 per cent in year-on-year terms.

The Philippines.- International Entertainment Corp (IEC) has shared its financial results for the second half of the year 2023. It posted a loss of HK$36.1m (US$4.6m), an increase of 464 per cent from the second half of 2022. That’s due to expenses associated with the opening of its IR in Manila.

The company reported an increase in revenue from the group’s gaming operation of around HK$11.7m (US$14.3m), while investment properties had a fair value gain of approximately HK$7.1m. This is compared to a fair value loss of approximately HK$16m in the previous period. 

There was an increase in general and administrative expenses of approximately HK$38.5m (US$4.9m). This was due to more expenses such as legal and professional fees and staff costs incurred to prepare for operating and managing an integrated resort (IR) under the provisional licence granted last September.

The company reported that it obtained a bank loan of approximately HK$608.9m (US$77.8m) to fund developing, operating, and managing the IR. This resulted in an increase in interest on bank borrowings of approximately HK$10.5m (US$1.3m). There was an increase in net foreign exchange loss of approximately HK$11.9m.