Only a few days after announcing the departure of Cai Lingli as an Executive Director and casino developer, Imperial Pacific International Holdings Limited has now reportedly detailed that it expects to post ‘a substantial decrease in profit’ for the six months to the end of June.
Predicted revenue drop:
According to a report from GGRAsia citing a Thursday filing from Imperial Pacific International Holdings Limited (pdf), the Hong Kong-listed firm attributed the comparative deterioration to a probable decrease in total revenues alongside ‘the impairment of trade receivables.’
GGRAsia subsequently defined ‘impairment of trade receivables’ as the cash still owed to casino operators by players that have utilized credit with Imperial Pacific International Holdings Limited declaring that it expects to publish its official interim financial results for the half-year period by the end of next week.
The casino developer further explained that the warning was based only on a ‘preliminary assessment’ of its un-audited accounts for the six months since the start of 2018 along with ‘currently available’ information. It moreover included the caveat that the alert had also not been based on ‘any information or figures’ examined by its auditors.
Imperial Pacific International Holdings Limited’s statement read…
“It should be noted that the company is still in the process of finalizing its interim results for the six months ended June 30, 2018, and the said results may be subject to further amendments.”
Decline follows 2017 boom:
Hong Kong-headquartered Imperial Pacific International Holdings Limited is the firm behind the giant Imperial Palace Saipan integrated casino resort currently being built in the Commonwealth of the Northern Mariana Islands. The first six months of 2017 saw its net profit rise by 8.9% year-on-year to reach $116.6 million while its adjusted earnings before interest, tax depreciation and amortization improved by some 26.2% to surpass $206.37 million.