IEC reports favorable profit alert on Manila casino revival

International Entertainment Corp (IEC) has issued a profit alert for the fiscal year ending 30 June 2023, predicting a minimum profit of HK$15 million (US$1.9 million). Such a surplus would rectify the HK$256 million (US$32,7 million) loss disclosed by the company’s shareholders in FY22.

According to a filing with the Hong Kong Stock Exchange, the improvement is primarily attributable to the expansion of IEC’s gambling and hotel operations in the Philippines.

A fair value gain of investment properties documented in the year, as opposed to a fair value loss of approximately HK$121 million (US$15.5 million) recorded in FY22, was also a factor.

IEC recently disclosed a deal with Malaysian gaming equipment distributor RGB to acquire 382 slot machines for its New Coast Hotel casino. The company’s complete results are scheduled to be released on September 28, 2023.

Original story by: IAG