GGRAsia – Imp Pacific warns of higher 2019 loss, impairment charge

Imp Pacific warns of higher 2019 loss, impairment charge

Mar 11, 2020 Newsdesk Latest News, Top of the deck, World

Imperial Pacific International Holdings Ltd, the developer of a casino resort (pictured) on the Pacific island of Saipan, says it expects to “record an increase in net loss for the year ended 31 December 2019,” compared to the prior year.

“The expected increase in net loss is mainly attributable to the considerable decrease in total revenue and gross profit and the impairment of trade receivables,” the Hong Kong-listed firm said in a Wednesday filing. The firm said however its accounts for the whole of 2019 were still being finalised.

The casino investor reported a net loss of almost HKD2.97 billion (US$382.3 million) for full calendar year 2018, compared to a profit of about HKD637.5 million in 2017.

Imperial Pacific reported group-wide revenue of HKD3.25 billion for the whole of 2018, down 58.2 percent from a year earlier. VIP gross gaming revenue – accounting for most of Imperial Pacific’s casino business – fell by 60.4 percent year-on-year in 2019, to HKD2.91 billion.

The company reported a net loss of nearly HKD1.88 billion for the first six months of 2019, as gaming revenue for the period declined by 82.5 percent year-on-year, according to the firm’s interim report published in August.

Imperial Pacific stated in its Wednesday filing it expected to publish its results for full-year 2019 “on or before 31 March 2020”.