International Entertainment Corporation provided earning guidance for the year ended 30 June 2023. The board of directors of the Company informed the shareholders of the Company and the potential investors that, based on the latest unaudited consolidated management accounts of the Group for the year ended 30 June 2023 the Group expects to record a profit for the Year attributable to the owners of the Company of not less than approximately HKD 15 million, representing a turnaround as compared to a loss for the year ended 30 June 2022 (the ``Previous Year'') attributable to the owners of the Company of approximately HKD 256 million. Based on the latest unaudited consolidated management accounts of the Group for the Year, the expected turnaround is primarily attributable to, among other things, (i) an increase in revenue from the Group's gaming and hotel operations, and (ii) a fair value gain of investment properties recorded in the Year as compared to a fair value loss of approximately HKD 121 million recorded in the Previous Year.

This was mainly because the gaming and tourism industries in the Philippines have shown significant recovery since the country reopened its international borders in February of 2022, followed by the dropping of all capacity restrictions and lockdowns in the first half of 2022.