This is the 15th consecutive quarter that the company experienced losses from their casino and hotel services in Ha Long City.

According to a report from the company, revenues of the second quarter of 2023 fell 42 percent compared to the same period last year to VND 24.20 billion (USD 1.02 million). They suffered a loss of VND23.70 billion (USD 1 million) in the period, including VND9 billion in casino business and VND14.50 billion in the hotel and villas businesses.

The company made a revenue of over VND 55 billion in the first half of this year, slightly increasing compared to the same period last year. Meanwhile, they reported losses of VND 35 billion against a full-year target of USD1.50 million in profits.

Royal International said that they had taken various measures to attract more customers to increase revenues but then continued to suffer losses in the second quarter of this year.

The company was established in 1994 with a charter capital of USD15 million, operating in the hotel and casino business for foreigners.

The company was listed on the Ho Chi Minh Stock Exchange (HoSE) in 2007 as RIC. However, its shares were delisted from HoSE last May as the company had suffered losses for three consecutive years. RIC shares have been transferred to UPCoM, the market for unlisted companies.

Source: Dtinews