International Entertainment Corp (IEC) has issued a profit alert for the 12 months ended 30 June 2023 on an expected profit of at least HK$15 million (US$1.9 million). Such profit would reverse the HK$256 million (US$32.7 million) loss attributable to owners of the company reported in FY22.
According to a filing with the Hong Kong Stock Exchange, the improvement is largely due to an increase in IEC’s gaming and hotel operations – the PAGCOR-run casino at its New Coast Hotel in Manila, Philippines.
“This was mainly because the gaming and tourism industries in the Philippines have shown significant recovery since the country reopened its international borders in February of 2022, followed by the dropping of all capacity restrictions and lockdowns in the first half of 2022,” IEC said.
A fair value gain of investment properties recorded in the year, as compared to a fair value loss of approximately HK$121 million (US$15.5 million) recorded in FY22, was also a factor.
IEC recently announced an agreement with Malaysian gaming equipment distributor RGB that will see the company acquire 382 slot machines for use in its New Coast Hotel casino. The company’s full results are due for release on 28 September 2023.