Neptune: Annual results further delayed

Following the announcement notifying a delay in the release of its annual results earlier in November, local junket operator Neptune Group Ltd. has announced a further delay for the 2015/2016 annual results, as well as the dispatch of the 2015/2016 annual report, according to the company’s latest filing released to the Hong Kong Stock Exchange.
The report is now expected to be published on December 19 this year, according to the group’s filing.
The company revealed that it is seeking security for the unpaid amount of accounts receivable.
The junket operator also indicated that it has entered into agreements with other junket operators regarding pledges of certain properties in Macau to act as surety for part of the outstanding accounts receivable.
According to the filing, auditors also requested, and the company has been providing, further supporting information or evidence, including Macau legal opinions on the validity and enforceability of the recent property pledges.
Given the time required for the completion of registration of the pledges on the land registry in the MSAR and the finalisation of the supporting information as required by the auditors, the audit of the consolidated financial statements for 2015/2016 is still in progress.