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Deviation Maybulk says 2013 audited profit is 11.5% lower than unaudited figure
by Cals Wed 09 Apr 2014, 01:57
| Deviation Maybulk says 2013 audited profit is 11.5% lower than unaudited figure |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Tuesday, 08 April 2014 19:42 |
KUALA LUMPUR (Apr 8): Malaysian Bulk Carriers Bhd (Maybulk) said there is a deviation of 11.5% in net profit between its audited and unaudited results for the financial year ended Dec 31, 2013.
In February 2014, the company announced that its unaudited net profit stood at 50.31 million in 2013. Today, the company said its audited net profit for 2013 was RM44.53 million.
“The company wishes to inform that there is a deviation of 11.5% between the group’s profit after tax and minority interest stated in the audited financial statements for the financial year ended 31 December 2013 and the group’s profit after tax and minority interest announced on 27 February 2014.”
The variance is due to a lower share of results of an offshore associate.
“A joint venture of our associate, PACC Offshore Services Holdings Ltd (POSH), has made an allowance with regards to the recoverability of a certain trade debt and this in turn has caused a corresponding adjustment to POSH's profit. As a consequence, MBC Group's share of POSH's results was revised from RM54,424,000 reported earlier to RM48,646,000 in the audited financial statements.”
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