IEC expects H2 losses to narrow by 95%
The reduction in losses is due to a rise in revenue from the group’s gaming and hotel businesses.
The Philippines.- International Entertainment Corp. (IEC) has issued a profit alert announcing that the unaudited consolidated loss attributable to owners for the second half of 2022 is expected to decrease by approximately 95 per cent compared to the net loss of HK$136.6m (US$17.41m) for the previous period.
According to the company, the anticipated reduction in losses can be primarily attributed to a rise in revenue from the group’s gaming and hotel businesses. due to the reopening of the Philippines’ borders to tourists and the lifting of most anti-pandemic measures in the first half of 2022. There was also a decrease in the fair value loss of investment properties.
The unaudited interim results of the Group for the Period are expected to be published on February 28.
IEC operates the New Coast Hotel Manila, a 32-floor hotel with 370 guest rooms and a gaming facility. In 2021, it received a signed Cooperation Agreement from PAGCOR for the development of its New Coast Hotel property in Manila. The agreement is valid until March 31, 2031.
IEC’s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.