Petrol One’s FY16 accounts qualified

PETALING JAYA: Petrol One Resources Bhd’s external auditor Messrs Baker Tilly Monteiro Heng has qualified the company’s financial statement for the financial year ended June 30, 2016 (FY16).

Petrol One, a Practice Note 17 (PN 17) company, filed the auditor’s report on financial statement with Bursa Malaysia last Friday.

Messrs Baker Tilly Monteiro Heng said there are material uncertainties that may cast significant doubt on the ability of Petrol One to continue as a going concern.

It highlighted that the going concern assumption is highly dependent upon the shareholders’ approving the regularisation plan and its successful implementation, the settlement of the defaulted debts, and the ability of the company to attain profitable operations to generate sufficient cash flows to fulfil their obligations as and when they fall due.

In the event that these are not accomplished, it said the company may be unable to realise its assets and discharge its liabilities in the normal course of business.

“Accordingly, the financial statements may require adjustments relating to the recoverability and classification of recorded assets and to additional amount and classification of liabilities that may be necessary should the company be unable to continue as going concerns,” it added.