Imperial Pacific International says impairment of the group’s trade receivables in the six months ended June 30, 2017 amounted to HK$2.1 billion.
Of this amount, IPI said approximately HK$1.3 billion comes from the company’s ten largest customers, while the remaining HK$807 million comes from the remaining customers.
IPI said the provisions were made based on a review of individual customer’s facts and circumstances (such as financial position and ongoing dialogue on settlement arrangements, etc), aging of the outstanding amounts and any subsequent repayments.
The company added that it considers that the results are comparable and in line with global industry standards for customers sourced through its own marketing avenue instead of junket operators.
IPI also noted it had adopted a number of measures to recover the trade receivables, including having the VIP marketing department making contact with customers of the recovery of outstanding debts, and issuing demand letters to customers with overdue repayments.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.