Petrol One’s FY16 ac­counts qual­i­fied

The Sun (Malaysia) - - SUNBIZ -

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.

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