KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded TANJUNG OFFSHORE BHD [] and ordered it to carry out a limited review on its quarterly report submissions following a 37% deviation between the unaudited and audited earnings.
Bursa Securities said on Thursday, March 3 the company's limited review on its quarterly report submissions must be performed by its external auditors for four quarterly reports, starting no later from the quarterly report for the financial period ended March 31, 2011.
It said Tanjung Offshore had to ensure all its directors and the relevant personnel of the company attend a training programme on compliance with the Main Market listing requirements particularly pertaining to financial statements.
Bursa Securities said the company reported an unaudited profit after taxation and minority interest of RM4.88 million in the company's fourth quarterly report for FY ended Dec 31, 2009'' compared to earnings of RM3.07 million in its annual audited accounts for FY ended Dec 31, 2009.'' The difference of RM1.808 million is a deviation of about 37%.
The deviation was due to the adjustment arising from the reversal of income recognised from claims made by an associate company, Cendor Mopu Producer Ltd and the under recognition of revenue and post acquisition profit.
Bursa Securities said on Thursday, March 3 the company's limited review on its quarterly report submissions must be performed by its external auditors for four quarterly reports, starting no later from the quarterly report for the financial period ended March 31, 2011.
It said Tanjung Offshore had to ensure all its directors and the relevant personnel of the company attend a training programme on compliance with the Main Market listing requirements particularly pertaining to financial statements.
Bursa Securities said the company reported an unaudited profit after taxation and minority interest of RM4.88 million in the company's fourth quarterly report for FY ended Dec 31, 2009'' compared to earnings of RM3.07 million in its annual audited accounts for FY ended Dec 31, 2009.'' The difference of RM1.808 million is a deviation of about 37%.
The deviation was due to the adjustment arising from the reversal of income recognised from claims made by an associate company, Cendor Mopu Producer Ltd and the under recognition of revenue and post acquisition profit.
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