Regal International gets extension to release FY2018 sustainability report by July 31

REGAL International has obtained a two-month extension till July 31 from the Singapore Exchange on June 7, to announce its FY2018 sustainability report.

The property developer had similarly got a two-month extension on May 14, to release its Q1 2019 results by July 15 due to the delayed completion of its audited financial statements for FY2018.

Regal must release its sustainability report by July 31 instead of May 31, and its first quarter 2019 results by July 15 instead of May 15.

The delay in releasing its first quarter results was due to specific financial reporting issues in finalising its FY2018 audited results, which the group said will impact the opening figures of its FY2019 financial results.

It encountered differing views on various course of recognition arising from new SFRS(I) accounting standards, while property valuations and impairment assessments were also issues that demanded additional time to finalise, the group said.

"The resulting delay is unexpected and non-intentional, but essential in presenting a complete and accurate set of FY2018 audited financial results," the group added.

Watch-list stock Regal's shares were unchanged at S$0.027 as at 9.05am.