KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded CHANGHUAT CORPORATION BHD [] for breaching the Main Market listing requirements and ordered it to carry out a limited review on its quarterly report submissions.
Bursa Securities said on Monday, Sept 6 that the limited review must be performed by the company's external auditors for four quarterly reports commencing no later from the company's quarterly report for the financial period ended Sept 30, 2101.
It also said the company had to ensure all its directors and the relevant personnel of the company attend a training programme in relation to compliance with the Main Market LR particularly pertaining to financial statements.
Bursa Securities said the company had breached paragraph 9.16(1)(a) of the Main Market LR concerning Aug 28, 2009 announcement on its fourth quarterly report for the financial period ended June 30, 2009.
It said the 4Q09 report failed to take into account the adjustments as stated in the company's announcement dated Oct 6, 2009.
'The company had reported an unaudited loss after taxation and minority interest of RM7.02 million in its 4Q09 as compared to an audited loss after taxation and minority interest of RM4.96 million in its annual audited accounts for the FY ended June 30, 2009.
'The difference of RM2.058 million between the unaudited results and the audited results for FY ended June 30, 2009 represents a deviation of approximately 29.3%,' it said.
The deviation was mainly due to the overcharged depreciation cost for vessel in a subsidiary where the company did not recognise the residual value in the computation of depreciation in the unaudited results.
Bursa Securities said on Monday, Sept 6 that the limited review must be performed by the company's external auditors for four quarterly reports commencing no later from the company's quarterly report for the financial period ended Sept 30, 2101.
It also said the company had to ensure all its directors and the relevant personnel of the company attend a training programme in relation to compliance with the Main Market LR particularly pertaining to financial statements.
Bursa Securities said the company had breached paragraph 9.16(1)(a) of the Main Market LR concerning Aug 28, 2009 announcement on its fourth quarterly report for the financial period ended June 30, 2009.
It said the 4Q09 report failed to take into account the adjustments as stated in the company's announcement dated Oct 6, 2009.
'The company had reported an unaudited loss after taxation and minority interest of RM7.02 million in its 4Q09 as compared to an audited loss after taxation and minority interest of RM4.96 million in its annual audited accounts for the FY ended June 30, 2009.
'The difference of RM2.058 million between the unaudited results and the audited results for FY ended June 30, 2009 represents a deviation of approximately 29.3%,' it said.
The deviation was mainly due to the overcharged depreciation cost for vessel in a subsidiary where the company did not recognise the residual value in the computation of depreciation in the unaudited results.
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