Neptune Group swings to profit in 16H2

Neptune Group Ltd. recorded a profit of HK$25.9 million (US$3.3 million) in the second half of 2016, compared to a net loss of HK$257 million, according to a company filing to the Hong Kong Stock Exchange.

Neptune said it saw “signs of improving customer patronage and gaming turnovers” in 2016.

“We are optimistic on the Macau’s gaming market since the industry has shown the first sight of a positive growth. Hope is now on the horizon for all operators in the VIP gaming industry. Looking forward to 2017, we would think positive results are achievable in the gaming segment,” said the company.

Revenue in 16H2 was HK$135.9 million, up 2.2 percent from HK$132.95 million in the prior year period.

“Whilst General and Administrative expenses have marginally increased, extra efforts and focus in 2016 have been placed by management to collect trade receivables that have been long overdue from some of our business partners,” said the company in its filing.

Overdue debts of over 365 days were reduced to HK$363 million in 2016, compared to HK$654 million in 2015.

The board did not declare an interim dividend for the six months ended Dec. 31, 2016.