IEG Group, comprising IEG and its subsidiary IECL, has recorded a profit of $12.3 million for the quarter ended December 2024, a significant turnaround from the $3.8 million loss posted in the corresponding period of 2023.
This quarter's results mark the first reporting period following the completion of IEG's acquisition of IECL on November 1, 2024.
As a result, the consolidated financials reflect one month of the subsidiary's performance, with revenues and profits primarily driven by IECL's renewables operations during November.
Additionally, intangibles of $2.3 billion, recorded on the November 30th statement of financial position, represent goodwill on consolidation.
This valuation will undergo periodic reassessments, with final review and confirmation by external auditors at the close of each financial year.
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