Imperial Pacific International expects to lower losses by 50%
Imperial Pacific International Holdings expects to reduce its H1 year-on-year losses by 50%. The prediction comes in light of venue closures due to the pandemic, meaning the company could reduce its operational costs.
IPI informed investors the loss for H1 2020 should be below the HKD1.88bn ($239.7m) that was reported for the same period in 2019. The company stated, “The expected decrease in unaudited consolidated loss is mainly attributable to the reduction in impairment losses recognised for trade receivables.”
Last year, the company received HKD9.17bn ($1.18bn) gross trade from its customers. IPI favours direct-loans from VIPs instead of junket operators, but the company is often not able to collect its share of VIP gambling losses, which amount to millions of dollars each year.
However, even this loss reduction might not help IPI much. The company still hasn’t paid more than $5m to its former contractor, Pacific Rim Land Development LLC, for services rendered. IPI also requested an abatement for an outstanding license fee of more than $15m that could revoke the company’s operational license.
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