Scanwolf’s FY16 audited results show RM2.05m net loss
PETALING JAYA: Scanwolf Corp Bhd reported a deviation of more than 10% in its net loss between the unaudited results and audited financial statements for the financial year ended June 30, 2016 (FY16).
In a filing with Bursa Malaysia yesterday, the company said it made bigger net losses of RM2.05 million for FY16 and not RM424,605 as reported earlier, reflecting a difference of 383.83%.
Scanwolf said the major causes of the variance between the announced unaudited results and the audited financial statement are mainly due to the adjustment for unrealised “revenue” and “property development costs recognised” between two subsidiaries in the property segment of RM2.70 million and RM1.07 million from the consolidated statement of profit or loss and other comprehensive income respectively.
On Aug 29, 2016, the company announced a revenue of RM56.20 million and investment revenue of RM669,461 for FY16.
However, its audited financial statement show that the revenue and investment revenue stood at RM53.33 million and RM25,839 respectively.
The property development costs recognised stood at RM12.71 million and not RM13.78 million as announced earlier.
Other deviations include directors’ remuneration of RM1.67 million instead of RM1.74 million, employee benefits expenses of RM7.60 million instead of RM7.79 million, finance costs of RM1.22 million instead of RM1.87 million and other operating expenses of RM7.87 million instead of RM7.79 million.
The deviations bring the company’s pre-tax loss to RM1.44 million instead of the pre-tax profit of RM188,206 reported earlier while net loss and total comprehensive loss for the year stood at RM2.05 million instead of RM424,605.