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NewsCarotech pre-tax loss falls to RM23.7m
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Carotech pre-tax loss falls to RM23.7m
by hlk Mon 29 Aug 2011, 19:01
Carotech Bhd's pre-tax loss for the financial year ended June 30, 2011 fell to RM23.675 million from RM101.555 million in the same period of 2010. Revenue declined to RM40.010 million from RM243.140 million previously, it said in a filing to Bursa Malaysia today.
Carotech said excluding the impact on unrealised gain or loss on foreign exchange in both financial years, the company posted a lower pre-tax loss of RM34.3 million compared with RM114.6 million previously.
"The significant reduction in revenue was due to the lack of working capital while the debts in the company is being restructured with the lenders," it said.
It said with the lack of working capital, Carotech has not been able to keep its operations at an optimal level.
"Therefore, it has not been able to process fresh raw materials and was highly dependent on the sale of its nutrient stocks over the last 12 months," it said.
The company said it would continue to work for an amicable solution for the debt restructuring. -- Bernama
Carotech said excluding the impact on unrealised gain or loss on foreign exchange in both financial years, the company posted a lower pre-tax loss of RM34.3 million compared with RM114.6 million previously.
"The significant reduction in revenue was due to the lack of working capital while the debts in the company is being restructured with the lenders," it said.
It said with the lack of working capital, Carotech has not been able to keep its operations at an optimal level.
"Therefore, it has not been able to process fresh raw materials and was highly dependent on the sale of its nutrient stocks over the last 12 months," it said.
The company said it would continue to work for an amicable solution for the debt restructuring. -- Bernama
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