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Bursa reprimands PetOne for ambiguity in Financial Results
KUALA LUMPUR, March 14 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Petrol One Resources Bhd (Petone), for failing to take into account the adjustments announced during its fourth quarterly report for the financial period ended June 30, 2010 (QR4/2010).

Bursa Securities said Petone, formerly known as Changhuat Corporation Bhd, reported an unaudited profit after taxation and minority interest of RM1,038,000 in the QR4/2010 unaudited results.

This is against an audited loss after taxation and minority interest of RM2,699,452 in its annual audited accounts for the financial year ended June 30, 2010.

"The difference of RM3,737,000 between the unaudited results and the audited results represented a deviation of approximately 360 per cent," it said in a statement today.

The deviation was mainly due to, amongst others, the oversight of the company to provide for the depreciation value of vessels at fair value, failure to recognise the rebate payable arising from lease agreements in accordance with accounting standards and an under provision of operating expenses and doubtful debts in the QR4/2010.

Bursa Securities said the failure to take the adjustments into account breached paragraph 9.16(1)(a) of the Main Market Listing Requirements (Main LR) where a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.

In this respect, Petone is required to carry out a limited review of its quarterly report submissions.

The limited review must be performed by external auditors for four quarterly reports commencing from that for the financial period ended March 31, 2012.

"In addition, Petone must ensure all its directors and the relevant personnel attend a training programme in compliance with the Main LR pertaining to financial statements and assess the competency, adequacy and effectiveness of its financial reporting function," it added.
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Bursa reprimands PetOne for ambiguity in financial results
Bursa Malaysian reprimands PetOne for breach of main market listing requirements
Source : Bernama
Date of  Publication : Wednesday, 14 March 2012
Original Title : Bursa Reprimands Petone
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