Brief: Neptune says for FY 2017 to record impairment on junket business of HK$365.9 mln

Rich Goldman Holdings

31/07/2017 14:45

July 31 (Reuters) - Neptune Group Ltd  0070.HK  
    * FOR YEAR ENDED 30 JUNE 2017, GROUP WOULD RECORD AN 
IMPAIRMENT OF INTANGIBLE ASSETS IN RESPECT OF JUNKET BUSINESS OF 
APPROXIMATELY HK$365.9 MILLION 
    * GROUP IS EXPECTED TO RECORD A LOSS ON DISPOSAL OF AN 
ASSOCIATE OF APPROXIMATELY HK$62.9 MILLION FOR YEAR ENDED 30 
JUNE 2017 
    * VENETIAN MACAU LIMITED ISSUED WRITTEN NOTICE TO HOU WAN TO 
TERMINATE GAMING PROMOTION AGREEMENT WITH EFFECT FROM 30 AUGUST 
2017 
    * EXPECTED THAT INTANGIBLE ASSETS IN RESPECT OF JUNKET 
BUSINESS OF HOU WAN WOULD BE FULLY IMPAIRED AS A RESULT OF 
TERMINATION NOTICE 
    * IT IS EXPECTED THAT GROUP WOULD CONTINUE TO RECORD A NET 
LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF COMPANY FOR YEAR ENDED 30 
JUNE 2017 
    * COMPANY IS ASSESSING RECOVERABILITY OF OUTSTANDING ACCOUNT 
RECEIVABLES IN RELATION TO JUNKET BUSINESS OF HOU WAN 
    * CURRENTLY IN DISCUSSION WITH, AMONG OTHERS, HOU WAN IN 
RESPECT OF SETTLEMENT OF OUTSTANDING ACCOUNTS RECEIVABLES 
 
Source text for Eikon:  ID:nHKS1CBScM  
Further company coverage:  0070.HK  
 
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