International Entertainment reports $12m loss for H2 2020

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International Entertainment reports $12m loss for H2 2020

International Entertainment Corp has reported a loss attributable to its owners of HK$91.1m ($11.7m) for the six months that ended 31 December 2020.

The operator’s revenue for the half-year period was HK$35.3m, a 78% drop year-on-year.

HK$20.9m came from the hotel segment, a 62% drop from HK$54.3m. Loss before taxation for the period was approximately HK$90m.

Gross profit for half a year in 2020 was HK$2.5m, a 98% year-on-year decline. Administrative and other expenses decreased by 49% to HK$40m.

This decline was attributed to the ongoing COVID-19 pandemic due to travel restrictions, social distancing and health measures, and reduced tourism.

The revenue derived from the leasing of properties in H2 2020 was HK$14.4m, an 86% year-on-year decline. Due to the cancellation of live poker events from 1 July to 31 December, the group could not obtain revenue from this segment.

International Entertainment remains hopeful about future prospects, with a slow easing of some safety measures. It said: “The tourism industry in the Philippines is expected to grow after COVID-19 pandemic, with higher disposable incomes, increasingly discerning market demographic and other positive factors have driven the booming development of the Philippines.”

The operator has also hired independent professionals to review its internal control measures and anti-money laundering policy.