YFG FY14 losses down by RM3.38 mil after impairment adjustment

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KUALA LUMPUR (Nov 5): Electrical and mechanical engineering services company YFG Bhd has reduced the impairment adjustment figure in its revised audited financial statements for the year ended June 30, 2014 (FY14) to RM5.1 million from RM8.48 million previously, thus resulting in a reduction of RM3.38 million in its FY14 losses.

In a filing with Bursa Malaysia today, YFG said its FY14 net loss is now RM11.04 million, as opposed to RM14.42 million in the initial audited financial statements it had submitted to the local bourse on Oct 31.

YFG had annouced yesterday that its initial impairment adjustment of RM8.48 million, which was reduced to RM5.1 million today, relates to a project which was temporarily suspended on Oct 21.

The project was temporarily suspended by its project owner due to a change of ownership in the holding company of the project owner and the withdrawal of the project's financing by one of the financial institutions.

YFG had also previously reported a deviation of RM10.14 million, which included the impairment adjustment of RM8.48 million, in its audited financial statements for FY14 and its unaudited fourth quarter results ended June 30, 2014.

In a separate announcement today, YFG said after amending the impairment adjustment, the deviation has been reduced from RM10.14 million to RM6.76million.

YFG shares closed down 1 sen, or 10.53% today to 8.5sen, giving it a market capitalisation of RM51.8million.