Royal International casino records loss for 11th consecutive quarter
The Royal International Corp, which operates Royal Casino Halong in Quang Ninh Province, recorded a loss of over VND456 million ($19,500) in the second quarter of this year.
Royal Casino Halong in Bai Chay ward, Ha Long town, Quang Ninh province, northern Vietnam. Photo courtesy of the company.
It was the 11th consecutive loss making quarter for Vietnam’s only listed casino company (RIC).
The company earned net revenues of VND41.5 billion ($1.77 million) in Q2, a 50% year-on-year increase, according to its financial report.
In the first half of the year, Royal International Corp lost about VND30.9 billion ($1.32 million), down 31% compared to the same period last year.
As of June 31, the company had recorded an aggregate loss of VND443 billion ($18.93 million).
The pandemic is still affecting the tourism industry, hindering international travel. The company still suffers loss as the source of international visitors is yet to rebound, the report said.
The casino service provider expects revenues of more than $6.3 million and after-tax losses of nearly $1.6 million this year.
In mid-April, the Ho Chi Minh City Stock Exchange (HoSE) decided to delist the RIC shares because it had suffered losses for three consecutive years. The RIC shares have been transferred to UPCoM, the market for unlisted companies.
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