Scan­wolf’s FY16 au­dited re­sults show RM2.05m net loss

The Sun (Malaysia) - - SUNBIZ -

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.

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