Three companies clarify deviations in financial results

PETALING JAYA: Three companies reported a more than 10% deviation in their financial results, with WTK Holdings Bhd and Seacera Group Bhd recording added profits, while HCK Capital Group Bhd lower profits.

WTK Holdings Bhd had announced that there was a deviation of more than 10% between its audited and unaudited net profit for Q4’2016 ended Dec 31, 2017, mainly attributable to over recognition of net loss of an associate.

The group had earlier reported a higher share of loss of associates of RM21.21 million, higher than the audited share of loss of RM21.07 million, mainly adjusted for realised gain on foreign exchange on settlement of vessel charter rental denominated in US dollar.

For Seacera, it reported a positive variance between its audited and unaudited results for the financial year ended Dec 31, 2016, of RM1.59 million in its profits attributable to the owners of the company.

The audited results showed that profits were RM6.1 million compared with RM4.51 million as disclosed in the unaudited results.

Consequently, the basic earnings per share also varied to 2.59 sen as per audited accounts compared with 1.91 sen as per the unaudited results.

Seacera said the variance was mainly due to the non-allocation of loss of a subsidiary to the non–controlling interest in the unaudited results, which brought about the under recognition of RM1.59 million.

Meanwhile, HCK Capital saw a deviation of over 10% for its fourth-quarter profit after taxation attributable to owners of the company and non-controlling interest ended Dec 31, 2016. This was due to an investment novated by an indirect subsidiary company to its holding company.