General Announcement for PLC

Reference No GA1-05052015-00138

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

05/05/2015

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.