KUALA LUMPUR: SAAG Consolidated Bhd shares fell on Tuesday, May 3 after it reported wider losses in its audited results for FY ended Dec 31, 2010.
Trading in the shares was halted from 9am to 10am after it said there was a variance of more than 10% between the loss after tax and minority interest in the announced unaudited fourth quarter result made on Feb 28, 2011'' and the audited financial statement made on April 29 2011 for FY 2010.
When it resumed trading at 10am, it fell 0.5 sen to 9.0 sen with 5.03 million shares done.
'The audited net loss after tax and minority interest is RM35.703 million which is RM28.286 million higher than the unaudited net loss after tax and minority interest of RM9.417 million.
'The difference is substantially due to the following arising out of independent valuations dated March 31, 2011 commissioned by the company of some of its current and non current assets pursuant to which the company has incorporated in the financial statement of the company for FY 2010 for any deficit arising from such valuation of the assets,' it said.
Trading in the shares was halted from 9am to 10am after it said there was a variance of more than 10% between the loss after tax and minority interest in the announced unaudited fourth quarter result made on Feb 28, 2011'' and the audited financial statement made on April 29 2011 for FY 2010.
When it resumed trading at 10am, it fell 0.5 sen to 9.0 sen with 5.03 million shares done.
'The audited net loss after tax and minority interest is RM35.703 million which is RM28.286 million higher than the unaudited net loss after tax and minority interest of RM9.417 million.
'The difference is substantially due to the following arising out of independent valuations dated March 31, 2011 commissioned by the company of some of its current and non current assets pursuant to which the company has incorporated in the financial statement of the company for FY 2010 for any deficit arising from such valuation of the assets,' it said.
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