Thursday, December 29, 2011

Tricubes active, down after revealing accumulated losses of RM17.24m

KUALA LUMPUR (Dec 29): TRICUBES BHD [] shares fell in active trade on Thursday after the company revealed that its accumulated losses for the financial year ended March 31, 2011 was RM17.24 million and not RM7.3 million as stated in its 2011 Annual report.

At 12.30pm, Tricubes fell 2,5 sen to 18.5 sen with 6.5 million shares traded.

Tricubes on Wednesday in a filing to Bursa Malaysia Securities Bhd had said there were typo errors on the accumulated losses as stated in pages 49, 61 and 98 of the 2011 Annual Report.

The announcement by Tricubes followed an audit of its 2011 annual report which was submitted to Bursa on Sept 7.

It said the accumulated losses of RM7,307,315 as stated in pages 49 and 61 in the report was erroneous as the group's accumulated losses should instead be stated as RM17,240,012.

Meanwhile, the total accumulated losses-realised and accumulated loss as per financial statement of RM719,290 and RM3,129,562 for the group and company level as stated in page 98 should be stated as RM17,240,012 and RM8,508,652, respectively, it said.

The audited report said these conditions indicated the existence of material uncertainties which may cast doubt on the group's and the company's ability to continue as a going concern.

It said the ability of the group and the company to continue as going concerns depended upon the continuation of securing of the contracts and support of bankers, creditors and shareholders.

'Currently, the group has secured several contracts and is planning to secure additional contracts with various government agencies and commercial banks for its existing and newly developed products.

'The successfulness of securing new contracts relate to future events which cannot be determined with high degree of certainty at this point in time,' it said.

For the second quarter ended Sept 30, 2011, Tricubes' net loss widened to RM1.87 million from net loss RM720,000 a year earlier, while revenue dropped to RM798,000 from RM1.06 million in 2010.

Tricubes came into the limelight in April this year after it was roped in to develop the 1 Malaysia email project, or myemail, which then was said to expect to save the federal government some RM200 million over ten years by reducing the cost of sending official correspondence to 50 sen each.

Subsequently, the company was also appointed as the traffic fines collection agent the police department in November.

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