Zhitong Financial App News, International Entertainment (01009) announced that the group expects to achieve a profit of not less than HK $15 million for the year ended June 30, 2023, and a loss of HK $256 million for the same period in 2022.
The announcement said that the expected turnaround was mainly due to the increase in revenue from the Group's gaming and hotel business, and the fair value gain on investment property this year, compared with a fair value loss of about HK $121 million in the previous year. This was mainly due to the reopening of the Philippines' international borders since February 2022, followed by the lifting of all headcount restrictions and blockades in the first half of 2022, resulting in a significant recovery in the gaming and tourism industries in the Philippines.