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NewsXOX makes turnaround with RM4.5m net profit
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XOX makes turnaround with RM4.5m net profit
by Cals Mon 11 Nov 2013, 00:04
Published: Saturday November 9, 2013 MYT 12:00:00 AM
Updated: Saturday November 9, 2013 MYT 8:45:27 AM
XOX makes turnaround with RM4.5m net profit
PETALING JAYA: XOX Bhd registered a turnaround after its financial statements for the year ended June 30, 2013 were audited, with an audited net profit of RM4.51mil compared with anunaudited net loss of RM3.59mil.
In a filing with Bursa Malaysia, the company said the deviation of about 225.77% in earnings was due to earlier negotiations that its subsidiary had with a major trade creditor for a discount on the cost of sales incurred.
“The trade creditor has agreed in principle to grant the discount of RM10mil to the subsidiary company during the year and the credit note has been received subsequent to the financial year-end.
“Therefore, the subsidiary company has taken up the discount and adjusted its financial statements for the current financial year ended June 30, 2013 accordingly,” it said.
Earlier yesterday, Bursa said in a circular that it would suspend the trading of XOX shares, as the latter had failed to issue the outstanding annual audited accounts for public release within five market days after the Oct 31, 2013 deadline.
XOX later yesterday released the relevant statements and Bursa subsequently issued another statement advising that XOX shares would not be suspended on Monday.
Updated: Saturday November 9, 2013 MYT 8:45:27 AM
XOX makes turnaround with RM4.5m net profit
PETALING JAYA: XOX Bhd registered a turnaround after its financial statements for the year ended June 30, 2013 were audited, with an audited net profit of RM4.51mil compared with anunaudited net loss of RM3.59mil.
In a filing with Bursa Malaysia, the company said the deviation of about 225.77% in earnings was due to earlier negotiations that its subsidiary had with a major trade creditor for a discount on the cost of sales incurred.
“The trade creditor has agreed in principle to grant the discount of RM10mil to the subsidiary company during the year and the credit note has been received subsequent to the financial year-end.
“Therefore, the subsidiary company has taken up the discount and adjusted its financial statements for the current financial year ended June 30, 2013 accordingly,” it said.
Earlier yesterday, Bursa said in a circular that it would suspend the trading of XOX shares, as the latter had failed to issue the outstanding annual audited accounts for public release within five market days after the Oct 31, 2013 deadline.
XOX later yesterday released the relevant statements and Bursa subsequently issued another statement advising that XOX shares would not be suspended on Monday.
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