Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 31): Petrol One Resources Bhd's external auditor Messrs Baker Tilly Monteiro Heng has issued a disclaimer of opinion on the group’s financial statements for the financial year ended June 30, 2018 (FY18).

In a filling with Bursa Malaysia today, Baker Tilly said the basis of its qualified opinion was due to it not being able to obtain sufficient or appropriate audit evidences regarding plans for the group to achieve sustainable and viable operations, as well as generate adequate cash flows from its operating activities.

Petrol One had incurred a net loss of RM10.5 million for FY18. The company also recorded net current liabilities of RM48.71 million, capital deficiency of RM47.15 million and accumulated losses of RM80.06 million. 

The Practice Note 17 (PN17) company was delisted from the Main Market of Bursa Malaysia on Aug 24, after the company failed to implement its regulation plan by Aug 11, despite numerous extensions granted by Bursa Securities. 

On Oct 3, the company was granted extention for submission of its regularisation plan until Nov 20.

“In view of the matters set out above, there are material uncertainties that may cast significant doubt on the ability of the group and the company to continue as going concerns,” Baker Tilly said.  

The external auditor noted it was unable to ascertain the appropriateness of the carrying value of investment within its subsidiaries, or the amount due from them, which amount to RM 939,177 and RM69.63 million respectively.

Baker Tilly also pointed to other issues relating to the marine equipment, where it was also unable to obtain sufficient and appropriate audit evidences to support the carrying value of the marine equipment in FY17. 

In FY18, the company reported a net loss of RM10.51 million, compared with a net profit of RM73.8 million the year before. Revenue, however, rose 5.51% to RM12.5 million from RM11.9 million in FY17.

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