KUALA LUMPUR (Nov 4): YFG Bhd’s audited financial statements for the financial year ended June 30, 2014 (FY14) will be revised due to the adjustment on the quantum of impairment made on a project, which is temporarily suspended.

The revision comes on the heel on YFG’s announcement on the deviation of RM10.13 million between its audited accounts and unaudited accounts, for the fourth quarter results ended June 30, 2014 (4QFY14).

In a filing with Bursa Malaysia today, YFG said the revised audited financial statements will be released to Bursa Malaysia tomorrow.

Trading of YFG shares had been suspended today, pending material announcement. The stock will resume trading at 9am tomorrow (Nov 5). 

YFG had submitted its FY14 audited financial statements to the stock exchange last Friday (Oct 31).

In the announcement last Friday, the company said there was a deviation of RM10.137 million in the loss for the year attributed to equity holders figure in the unaudited 4QFY14, which had been announced on Aug 29, with the audited financial statements for FY14.

The deviation of RM10.137 million included an impairment adjustment on the project which was temporarily suspended on Oct 21, of RM8.481 million; and adjustments made to revenue for a project which was terminated on July 17, 2014 for RM1.334 million; as well as adjustments made on deferred tax and other income of RM0.322 million.

YFG had said the project had been temporarily suspended by the project owner, due to the change of ownership in the holding company of the project owner, and the withdrawal of the project financing package by one of the financial institutions.