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IPI 2017 profits dip 32 percent
Despite an increase in equity, Imperial Pacific International (CNMI) LLC reports a 32-percent dip in profits compared to figures from calendar year 2016.
According to a report to the Hong Kong Stock Exchange, IPI net profits for 2017 amount to $82.9 million, a 32-percent dip from 2016, which yielded a profit of over $121.6 million.
“The drop of profit is mainly attributable to increase in impairment losses of trade receivables, operating, and administrative expenses incurred during the year,” IPI reported.
Contrary to the less net profit made, IPI displayed a substantial increase in annual gross revenue. The Hong Kong-based company reports that gross revenue for 2017 from continuing operations amount to over $1.7 billion, a 75-percent increase from 2016’s $973.5 million.
IPI in their report noted majority of their gross revenue is derived from their VIP gaming operations. For 2017 alone, VIP gaming operations yielded $1.65 billion while the company raked in $929.9 million in 2016 gross revenue.
Less commission, IPI net revenues for 2017 amount to over $1.06 billion, double of 2016’s $529.4 million.
Mass table gaming operations for 2017 yielded over $39.9 million and $34 million for 2017 and 2016, respectively, indicating a 15.57-percent increase. Slot machines and electronic gaming machines yielded $8.64 million and $7.4 million for 2017 and 2016, respectively, which is a 16.69- percent increase. Food and beverage operations yielded $7.4 million and $5.1 million for 2017 and 2016 respectively—a 36.76-percent increase.
IPI gross profits for 2017 more than doubles that of 2016. The company reported $902.6 million and $418.2 million in gross profits for 2017 and 2016 respectively, amounting to a massive 115.83-percent increase.
According to the IPI report, the company’s equity increased 34.67 percent. From January 2017’s $371.9 million to December 2017’s $500.9 million. IPI in January 2016 had a total equity of $227.2 million. IPI total equity since January 2016 more than doubled at the start of 2018 with an increase of 120.48 percent.
