IPI issues profit warning to shareholders

Imperial Pacific International warned its shareholders in a filing to the Hong Kong Stock Exchange that its full year 2019 results will include higher financial losses.

The note stated that “based on the information currently available to the board, the group is expected to record an increase in net loss for the year ended 31 December 2019 as compared to the net loss for the corresponding period in 2018. The expected increase in net loss is mainly
attributable to the considerable decrease in total revenue and gross profit and the impairment
of trade receivables.”

The profit warning comes as CNMI Commonwealth Casino Commission Commissioner Alvaro Santos complained about the opaque financial reporting of IPI altogether.

“IPI CNMI is at the mercy of Hong Kong IPI for information, and the Casino Commission is in the dark all the time,” he said.

“Transparency is one of their very big weaknesses, and that is one of the most contentious areas for the Commission that we have in the past six years… not getting the right information. And if they give it, oftentimes they give us what they want to give us.”