Priceworth gets unqualified audit opinion 

TheEdge Thu, Oct 31, 2019 11:06pm - 4 years View Original


KUALA LUMPUR (Oct 31): Priceworth International Bhd's external auditor Messrs PKF has expressed an unqualified opinion on the company’s financial statements for the financial year ended June 30, 2019 (FY19).

According to Priceworth's bourse filing today, PKF, in its independent auditors’ report, stated that the financial statements give a true and fair view of the financial positions of the group and of the company as at June 30, 2019, and of their financial performances and their cash flows for FY19  in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 2016.

This is in relation to the group's financial statements that it had incurred a net loss of RM157.43 million in FY19 and, as of that date, the group’s current liabilities exceeded its current assets by RM35.91 million and has not complied with the repayment terms of its bank borrowings.

"We have obtained the valuation reports prepared by the independent valuers engaged by the group (to value its biological assets). We have reviewed these reports for appropriateness of the methodology used and the reasonableness of the assumptions used.

"We also assessed the competency, capabilities and objectivity of these independent valuer engaged by the group," said PKF.

Priceworth shares closed down 0.5 sen or 9.09% at 5 sen today, with 5.07 million shares done, bringing a market capitalisation of RM204.75 million.

 

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