TEX CYCLE TECHNOLOGY’S FY2017 ACCOUNTS QUALIFIED

PETALING JAYA: Tex Cycle Technology (M) Bhd’s external auditors Messrs Deloitte PLT has issued a qualified opinion on the audited financial statements ended Dec 31, 2017 due to valuations done on an investment property. The auditors said it was unable to ascertain the reasonableness of the directors’ estimation of the fair value of RM15.87 million, which was done on valuation reports in prior years, and updated with recent transacted prices with similar condition and location. This fair value was also about the same with that of ended Dec 31, 2016.