{"id":777023527,"date":"2025-02-28T09:52:11","date_gmt":"2025-02-28T12:52:11","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777023527"},"modified":"2026-04-22T01:19:29","modified_gmt":"2026-04-22T04:19:29","slug":"iec-doubles-revenue-but-posts-higher-loss","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-doubles-revenue-but-posts-higher-loss","title":{"rendered":"IEC doubles revenue but posts higher loss"},"content":{"rendered":"\n<p>The company posted a loss of HK$95m (US$12.2m)\u00a0for the second half of the year.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Hong Kong.-<strong> International Entertainment Corp&nbsp;<\/strong>(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.<\/p>\n\n\n\n<p>The company reported an <strong>increase in revenue <\/strong>from the group\u2019s gaming operation of HK$240m (US$30.9m). That&#8217;s an increase of 237.9 per cent year-on-year. Despite this, the company posted a<strong> loss of HK$95m (US$12.2m)<\/strong> compared to a loss of HK$36.1m (US$4.7m) for <a href=\"https:\/\/focusgn.com\/asia-pacific\/international-entertainment-posts-loss-of-us4-6m-for-h2\" target=\"_blank\" rel=\"noreferrer noopener\">the same period in 2023<\/a>.<\/p>\n\n\n\n<p>The group\u2019s <strong>cost of sales <\/strong>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.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/focusgn.com\/asia-pacific\/iec-begins-casino-operations-in-the-philippines\">New Coast Hotel Manila<\/a> in the Philippines.  The company committed to invest between US$1bn and US$1.2bn in the casino project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company posted a loss of HK$95m (US$12.2m)\u00a0for the second half of the year.<\/p>\n","protected":false},"author":176,"featured_media":777022557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"International Entertainment Corp (IEC) reported a significant increase in H2 2024 revenue, primarily driven by its gaming operations, which rose 237.9% year-on-year to HK$240m. Despite this top-line growth, the company posted a widened net loss of HK$95m, attributed to increased operational costs, gaming taxes, and licensing fees associated with the commencement of casino operations at New Coast Hotel Manila. IEC has committed substantial capital expenditure of US$1bn-US$1.2bn to this Philippine integrated resort project.","focusai_entities":"International Entertainment Corp, IEC, New Coast Hotel Manila","focusai_location":"Hong Kong, Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Profitability Timeline","query":"Given the significant increase in operational costs and gaming taxes, what is IEC's projected timeline for achieving EBITDA positive status and net profitability for the New Coast Hotel Manila integrated resort?"},{"label":"Capital Expenditure Impact","query":"How will the committed US$1bn-US$1.2bn capital expenditure for the Manila project be financed, and what is the anticipated impact on IEC's balance sheet leverage and shareholder returns?"}],"footnotes":""},"categories":[16338,163],"tags":[23727],"class_list":["post-777023527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-international-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777023527"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023527\/revisions"}],"predecessor-version":[{"id":777023533,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023527\/revisions\/777023533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777022557"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777023527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777023527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777023527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}