International Entertainment Corp reports increased revenue, widened losses

International Entertainment Corporation (HKEX:1009) reported a significant revenue increase to HK$267.6 million for the six months ended December 31, 2024, compared to HK$105.1 million in the prior period, largely driven by the casino operation takeover under a Provisional License. However, the company's losses widened to HK$95.0 million, versus HK$36.1 million in the prior year, impacted by increased general and administrative expenses associated with the takeover. These expenses climbed to HK$150.6 million, including higher staff and utilities costs. The Group recorded income tax expense of approximately HK$6.7 million for the Period, as compared to the income tax credit of approximately HK$0.7 million in the Previous Period. Basic and diluted loss per share amounted to 6.94 HK cents, compared with a loss of 2.64 HK cents previously. The company highlighted ongoing tax disputes, but expressed optimism regarding the Philippine tourism and gaming sectors. The Group is undertaking further renovation work.