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OTHERS Konsortium Transnasional Berhad ("KTB" or the "Company") - Variance of unaudited results as announced on 28 February 2020 and the Audited Financial Statements for the financial year ended 31 December 2019

KONSORTIUM TRANSNASIONAL BERHAD

Type Announcement
Subject OTHERS
Description
Konsortium Transnasional Berhad ("KTB" or the "Company") - Variance of unaudited results as announced on  28 February 2020 and the Audited Financial Statements for the financial year ended 31 December 2019

Pursuant to paragraph 9.19(35) of Chapter 9 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of KTB wishes to announce that the Group's Audited Financial Statements for the financial year ended 31 December 2019 recorded a Loss After Tax of RM90.5 million as compared to the Group's Unaudited Results of a Loss After Tax of RM34.2 million as announced on 28 February 2020. This give rise to a deviation of more than 10% as detailed below:

Audited Result

RM'000

Q4 announcement

RM'000

       Deviation

RM'000            %

Loss for the financial year         (90,557)

Loss attributable to:

Equity holders of the Parent     (90,557)

Non-Controlling Interest                -

        (34,236)

 

       (34,236)

           -

(56,321)      164.51

 

(56,321)

    -

                                            (90,557)        (34,236) (56,321)

 

 

 

 

 

 

 

 

 

The deviation is mainly due to the impact of Covid-19 which has resulted the Company to recognise additional impairment on goodwill and receivables and recognition of deferred tax assets to current year statement of profit and loss.

The reconciliation of the variance is set out below:-

  RM'000

Variance

As at 31 December 2019 (Unaudited)

 

Additional impairment loss on goodwill

 

Recognition of deferred tax assets not recognised in respect of current year tax losses

 

Additional impairment loss on other receivables

 

Recognition of retirement benefit/retrenchment cost 

 

Previously under recognised finance cos arising from newly restructured term loan

 

Others

 

As at 31 December 2019 (Audited)

 

(34,236)

 

(44,091)

 

(5,649)

 

(839)

 

 

(1,808)

 

(1,701)

 

(2,233)

 

(90,557)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This announcement is dated 14 July 2020.






Announcement Info

Company Name KONSORTIUM TRANSNASIONAL BERHAD
Stock Name KTB
Date Announced 14 Jul 2020
Category General Announcement for PLC
Reference Number GA1-13072020-00040