The company posted a loss of HK$95m (US$12.2m) for the second half of the year.
Hong Kong.- International Entertainment Corp (IEC) has shared its financial results for the second half of the year 2024. It posted revenue of HK$267.6m (US$34.4m), up 154.6 per cent year-on-year.
The company reported an increase in revenue from the group’s gaming operation of HK$240m (US$30.9m). That’s an increase of 237.9 per cent year-on-year. Despite this, the company posted a loss of HK$95m (US$12.2m) compared to a loss of HK$36.1m (US$4.7m) for the same period in 2023.
The group’s cost of sales during the reporting period rose by 148.5 per cent year-on-year, to HK$94.7m. The company also had to pay gaming tax and a licensing fee totalling HK$81.9m.
General and administrative expenses rose by 87.2 per cent year-on-year to HK$150.6m (US$19.4m) and staff costs rose by 135.3 per cent to HK$75.6m due to the start of casino operations at New Coast Hotel Manila in the Philippines. The company committed to invest between US$1bn and US$1.2bn in the casino project.
The company posted a loss of HK$95m (US$12.2m) for the second half of the year. Hong Kong.- International Entertainment Corp (IEC) has shared its financial results for the second half of the…
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