Thursday, May 19, 2022

IPI posts HK$1.3 billion impairment of trade receivables


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.

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