Debao seeks more time for results release as travel curbs hit finance team

DEBAO Property Development has applied for more time to release its financial results as some of its employees in the finance team have been affected by travel restrictions within China amid the virus outbreak. 

Initially due by Feb 29, it is seeking an extension to release its FY2019 results by March 31. 

This is because some of the "key personnel" from the finance department have been restricted from travelling back to the office in Foshan, having returned to Wuhan or other parts of Hubei province for the Lunar New Year celebrations.

Upon their return to Foshan, they will also face a further 14-day quarantine period. These employees do not have remote access to the company's financial data, Debao flagged in its exchange filing on Wednesday night. 

Given the shortage of manpower, Debao therefore said it will require an extension of time to review the accounts, liaise with the auditors and seek board approval before it can finalise the financial results.