KUALA LUMPUR (Nov 15): Loss-making APFT Bhd has submitted an application to the Companies Commission of Malaysia (SSM) seeking extension of time up to March 31, 2018 to hold its annual general meeting (AGM).

Among reasons it cited for the time extension include the change in its financial year end from July 31 to Sept 30, and Messrs Raki CS Tan & Ramanan's intention to resign as external auditors of the company.

In a filing with Bursa Malaysia today, APFT said to date, it is still in the midst of shortlisting the suitable candidates for the appointment as new external auditors of the company.

"The new external auditors, once appointed, would require additional time for them to review and finalise the audited financial statements of the company and its subsidiaries," it added.

The flight education and training service provider said further announcement in relation to the outcome of the application will be made to Bursa in due course.

APFT has been in the red since its financial year ended Dec 31, 2012, which it blamed on the softening demand for fixed wing pilot training in Malaysia in line with the cut on training programmes by local major airlines. For the 12-month period from Aug 1, 2016 to July 31, 2017, APFT posted a net loss of RM10.32 million on revenue of RM61.41 million.

Shares in APFT closed unchanged at three sen today, giving it a market capitalisation of RM37.17 million.