International Entertainment, which leases hotel premises to casinos in the Philippines, said its fiscal 2015 profit had been hit by increasing competition, despite growth in tourism in the country.
Revenue fell 5.9 percent to HK$366.8 million ($47.3 million). Hotel operations and the leasing of properties contributed approximately 36 percent and 64 percent, respectively, to group revenue, with the mix unchanged from the prior year.
Profit more than halved to HK$61.1 million from HK$161.4 million for the year ended 31 March 2014. Earnings per share for the year were about 3.90 HK cents, compared with earnings per share of approximately 9.73 HK cents.
“For the long term, we will strive to continue to refine our services and facilities – while introducing innovative marketing and promotional strategies to bolster visitor loyalty and attract new customers – in order to maintain the group’s advantage in an increasingly-competitive business environment,” Chairman Cheng Kar Shun said in a letter to shareholders in the company’s annual report, released Monday.
“In the coming year, the Group will remain focused on existing business operations and investments, and will prudently explore new opportunities.”