Financial Performance - The Group achieved a revenue growth of 146.4% to approximately HK$566.2 million for the year ended June 30, 2025, compared to approximately HK$229.8 million in the previous year[14]. - Gross profit surged by approximately 106.3% to approximately HK$273.2 million, up from approximately HK$132.4 million in the previous year[14]. - Revenue from gaming operations surged by 200.0%, rising from approximately HK$170.0 million to approximately HK$509.9 million[34]. - The Group reported a gross profit of approximately HK$273.2 million, compared to approximately HK$132.4 million in the Previous Year, with a gross profit margin of approximately 48.3%[35]. - Other income for the Year was approximately HK$44.3 million, representing an increase of approximately 147.3% compared to approximately HK$17.9 million in the Previous Year[39]. - The Group recorded a net loss of approximately HK$82.6 million for the Year, a significant increase from approximately HK$15.5 million in the Previous Year, primarily due to a one-off write-off of property, plant, and equipment[40]. - Selling and marketing expenses increased by approximately 1,665.3% to approximately HK$74.5 million, up from approximately HK$4.2 million in the Previous Year, due to higher costs for marketing campaigns[45]. - The Group recorded a net loss of approximately HK$282.1 million for the Year, compared to a loss of approximately HK$132.0 million in the Previous Year, with a loss per share of approximately 20.61 HK cents, up from 9.64 HK cents[50][55]. - General and administrative expenses increased by approximately 59.6% to approximately HK$326.6 million, with staff costs rising by around 77.6% to approximately HK$152.9 million due to recruitment for casino operations[48][51]. - Finance costs for the Year amounted to approximately HK$91.8 million, an increase of approximately 30.0% from approximately HK$70.6 million in the Previous Year, primarily due to new bank borrowings[49][52]. Market and Industry Outlook - The Philippines' gross gaming revenue increased by 26% year-on-year to PHP214.8 billion in the first half of 2025, according to PAGCOR data[17]. - The World Travel & Tourism Council projects that the tourism sector will contribute PHP5.9 trillion to the Philippine economy in 2025, representing 21% of the national GDP[17]. - The Philippine casino gambling market is projected to reach USD3,749.4 million by 2033, growing at a compound annual growth rate of 9.2% from 2023 to 2033[32]. - The tourism sector in the Philippines is projected to generate PHP2.7 trillion for the economy in 2025, compared to PHP2.35 trillion in 2024[33]. - The Philippines' exit from the FATF Grey List in 2025 has enhanced investor confidence and is expected to signal a transformative outlook for the gaming industry[17]. - The company is strategically positioned to capitalize on favorable conditions in Asia's dynamic gaming and entertainment market[18]. - The government’s proactive policies, including streamlined regulations and investment incentives, foster a secure and dynamic business environment for the gaming industry[16]. - The company’s long-term growth strategy aligns with the government's vision to establish the Philippines as a leading global destination[18]. Investments and Financing - The Group is required to commit a total investment of no less than USD1.0 billion (approximately HK$7.82 billion) for the establishment and operation of the Casino and a Group hotel in Manila City[69]. - The Group has been granted a provisional license to establish and operate a casino, with a total investment commitment of no less than USD 1.0 billion and up to USD 1.2 billion[71]. - A bank loan of approximately HK$393.1 million was obtained for establishing and operating a casino, with an interest rate of 3.75% per annum[91]. - The Group plans to explore various financing methods, including bank borrowing and equity financing, to support business expansion and maintain liquidity[74]. - Unutilized net proceeds from a previous placing agreement, amounting to approximately HK$117.4 million, will be reallocated to the construction contract payment, expected to be fully utilized by the end of 2025[84]. - Approximately HK$150,000,000 is allocated for hotel renovations, while HK$100,000,000 is designated for the development of new hotel land, including construction of parking facilities[86]. Operational Challenges - The transition to managing its own casino led to a greater net loss of HKD 282.1 million due to higher operating costs, including increased staff costs and marketing expenses[23]. - The Group's hotel operation revenue decreased by 6.1% to approximately HK$56.2 million due to the temporary closure of certain hotel rooms for renovation[34]. - The Group continues to face significant risks and uncertainties from market competition and regulatory changes affecting its casino and hotel operations[105][106]. - The company faces significant risks due to intense market competition and potential regulatory changes affecting its operations[99][100]. - Uncertainties exist regarding tax disputes between certain subsidiaries operating in the Philippines and the Bureau of Internal Revenue[101]. Shareholder Information - The Group did not recommend the payment of any dividend for the year, consistent with the previous year[122]. - The distributable reserves available for distribution to shareholders as of June 30, 2025, amounted to approximately HK$1,249.3 million, an increase from HK$979.9 million in 2024[168][176]. - The total number of shares in issue as of June 30, 2025, is 1,369,157,235[189]. - The Company has not been notified of any interests or short positions in shares that would require disclosure under the SFO provisions as of June 30, 2025[194]. - The interests of Glorious Future Fund SPC and AG Investment Management Company Limited are also linked to the shares held by Excite Opportunity Fund L.P.[199]. - The Company’s share capital structure indicates significant concentration of ownership among a few substantial shareholders[191].
国际娱乐(01009) - 2025 - 年度财报