International Entertainment Corporation (HK:1009) has released an update.
International Entertainment Corporation has issued a profit warning, forecasting a loss of no less than HK$135 million for the financial year ended 30 June 2024, compared to a profit of HK$18.3 million in the previous year. The expected loss is attributed to increased expenses related to the establishment of a casino and integrated resort in Manila, higher interest expenses, and a rise in net foreign exchange losses. Despite these challenges, the company projects an increase in revenue and views the provisional license to operate the new casino as a significant step toward future earnings growth.
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