Royal International Corporation attributed the loss to a shortage of Chinese customers.
Vietnam.- Royal International Corporation (RIC) has shared its financial results for the third quarter of the year. It posted a VND18.5bn (US$754,000) financial loss, marking a 16th consecutive quarter of losses. Revenue dropped by a third to VND30bn.
Since 2016, RIC has posted profits only once, in 2018. In 2022, it posted a VND61bn (US$2.6m) financial loss.
RIC attributed the increased loss to overall economic challenges in the tourism sector. Its primary source of international customers has traditionally been China. However, Chinese travel restrictions remained in place in Q3. The company also noted that the increasing number of casinos in Cambodia, the Philippines, and Myanmar has intensified competition in the region.
However, it says it remains optimistic about a recovery of the tourism sector and it introducing promotional initiatives with the expectation of attracting more customers. It also plans to commence construction of a new 5-star hotel in Ha Long. This year, RIC laid off 70 employees to leave a workforce of 465.