Imperial Pacific to report a profit loss for 2018

IPI Saipan

IPI is set to reveal poor 2018 results. (Credits: askjackie.com)

The company explained that it expects to see its annual profit going down in its 2018 report, based on unaudited data.

Northern Mariana Islands.- Imperial Pacific International Holdings Ltd filed a report with the Hong Kong Stock Exchange and revealed its 2018 financial results are expected to see a loss, comparet to 2017’s annual profit.

The group, which controls the Imperial Pacific Resort, explained the expected deficit was “mainly attributable to the decrease in total revenue and the impairment of trade receivables”.

The 2018 interim balance sheet saw IPI posting slightly improved gross trade receivables during the first six months of the year as they reached €1.55 billion, up from €1.5 billion.

In 2017, its annual profit had been €72.2 million, which was a 32% drop on the profit recorded by the group in 2016 but was still good news.

Last year, “super” Typhoon Yutu forced IPI to fire 150 workers as it generated a major decline in tourists arriving on the island. Big spenders were the audience the venue missed the most, while weather caused the island’s airport’s shutdown and forced the operator to make an unpopular decision.

However, the company recently announced it is set to add further options to its operations as the gambling regulator cleared three operators to join the business. The Commonwealth Casino Commission (CCC) approved provisional licences for three junket operators which will help bring high rollers to IPI’s VIP rooms.

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