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IPR: Net revenue more than doubles
In an unaudited financial report to the Hong Kong Stock Exchange, Imperial Pacific International (CNMI) LLC said its net revenue more than doubled over the first six months of 2017.
Net revenue for 2017 reportedly amounted to HKD 4.7 million, or $608,296.17.
The previous year’s net revenue amounted to HKD 2.3 million, or $300,488.91, showing a 102.43-percent increase.
Gross revenue for the first half of 2017 came in at HKD 7.3 million, or $933,653, while the first half of 2016 was recorded at HKD 3.9 million, or $509,854.01, indicating an increase of 83.12 percent.
The report attributed the increase in gross revenue to the casino gaming operations.
Profit for the first half of 2017 is at HKD 912,028, or $116,642.73. The previous year’s profit for the same period was at HKD 837,330, or $107,089.32.
“The growth of profit is mainly attributable to [an] increase in operating profits generated by Best Sunshine Live during the period,” the report specified.
The live training facility at T Galleria in Garapan has moved to its permanent location at the Imperial Pacific Resort in early July 2017.
Total equity for the first half of 2017 yielded HKD 4 million, or $523,025.53, while the previous year’s was set at HKD 2.8 million, or $365,890.99. Total equity as of the first half of 2017 increased by 42.94 percent.
Though the report noted substantial net revenue increases, the increases for operating and administrative expenses as well as finance costs also skyrocketed.
Operating and administrative expenses for the first half of 2017 cost HKD 2.9 million, or $373,490.18 while the previous year’s first half cost a mere HKD 949,140, or $121,389.12. The difference in expenses indicates an increase of 207.68 percent for operating and administrative expenses.
Finance costs jumped from HKD 49,123, or $6,282.53 for the first half of 2016 to HKD 97,079, or $$12,415.80—nearly doubling for the first half of 2017.
