KUALA LUMPUR (Sept 27): For the second year running, the external auditor of Perisai Petroleum Teknologi Bhd has warned of a material uncertainty concerning the group's financial statements.

Messrs Baker Tilly Monteiro Heng issued the "Material Uncertainty Related to Going Concern" statement today in respect of Perisai's audited results for the financial year ended June 30, 2018 (FY18), Perisai said in a filing to the stock exchange.

The same auditor had issued a similar statement in respect of the group's FY17 results on Oct 4 last year.

The auditor noted that in FY18, Perisai had incurred a net loss of RM469.25 million, net current liabilities of RM1.31 billion and capital deficiencies of RM258.58 million at group level.

This, the auditor said, indicates that a material uncertainty exists that may cast significant doubt about Perisai's ability to continue as a going concern.

Perisai, in its filing, said it has submitted its regularisation plan which would address its net current liabilities position and its Practice Note 17 (PN17) status.

The plan is currently pending approval from the relevant authorities.

Perisai fell into PN17 in October 2016 after its unit Perisai Capital (L) Inc defaulted in payment of the principal and interest for S$125 million multi-currency medium term notes.

Perisai's shares closed at three sen each today for a market capitalisation of RM37.81 million.