OTHERS IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY") DEVIATION BETWEEN UNAUDITED RESULTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY")   DEVIATION BETWEEN UNAUDITED RESULTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014

1.         INTRODUCTION           

The Board of Directors of ITCB wishes to announce that the Company has on 27 February 2015 submitted its unaudited 4th quarter results ended 31 December 2014 (“4Q2014 Results”) to Bursa Malaysia Securities Berhad (“Bursa Securities”).

The Company has on 5 May 2015 submitted its Audited Financial Statements for the financial year ended 31 December 2014 (“AFS 2014”) to Bursa Securities.

 

2.         DEVIATION BETWEEN UNAUDITED RESULTS AND THE AUDITED FINANCIAL RESULTS

In compliance with Paragraph 9.19(35) of the Main Market Listing Requirements of Bursa Securities, the Board of ITCB wishes to inform that there is a deviation of about 320% between the Group’s profit after tax and minority interest as stated in the 4Q2014 Results announced on 27 February 2015 and the AFS 2014. The deviation is reconciled and explained as follows :-

 

AFS 2014

(RM’000)

4Q2014 Results

 (RM’000)

Variance

(RM’000)

Profit/(Loss) after tax and minority interest for the year

(6,155)

2,792

(8,947)

The major causes of the variances between the 4Q2014 Results and the AFS 2014 are as follows :-

Items

RM’000

Reclassification of R&D from other receivable in cost of sales

336

Reversal of provision of profit guarantee to goodwill in other income

(2,181)

Impairment of trade receivables

(5,799)

Impairment of other receivables

(825)

Impairment of goodwill

(125)

Adjustment of R&D expenses

(346)

Adjustment arising from minority interest

(7)

Total

(8,947)

 This announcement is dated 5 May 2015.

 






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 05 May 2015
Category General Announcement for PLC
Reference Number GA1-05052015-00138