The company attributed the increased loss to a rise in interest on bank borrowings and general expenses.
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$90m (US$11.6m) for the second half of the year 2024. That compares to a loss of approximately HK$36.1m (US$4.7m) reported for the same period in 2023.
The announcement of the interim results of the group for the period is expected to be published on February 27. The company attributes the anticipated loss to rising general and administrative expenses due to increased staff costs, as well as depreciation and amortisation associated with the operation and management of the casino and the development of an integrated resort in Manila, Philippines.
Last 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.
The company also reported there has been a rise in interest expenses related to bank borrowings, which, according to IEC, are necessary for establishing and operating the casino and developing the integrated resort under the provisional licence.
A week ago, IEC’s wholly-owned subsidiary New Coast Leisure (NCLI) signed a PHP1.47bn (US$25.5m) contract with Kimberland Construction for the renovation of New Coast Hotel Manila. The works are scheduled to be completed by the end of the second quarter of 2025.
According to the company’s filing, the agreement covers the designing, demolishing, constructing, furnishing and retrofitting of walls, ceilings and floor finishes, fixture cabinets and curtains, aircons, electricity systems, plumbing systems and fire-protection systems. It said the aim is to modernise infrastructure and facilities at the hotel to complement the operation of the casino.
The company attributed the increased loss to a rise in interest on bank borrowings and general expenses. Hong Kong.- International Entertainment Corporation (IEC) has issued a profit alert announcing that…
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