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Infinio's auditor withholds opinion, citing uncertainty about valuations, going concern
INFINIO Group's external auditor has withheld its opinion on the company's financial report, citing uncertainties about asset valuations and the company's ability to remain as a going concern.
Auditor Foo Kon Tan said that the management has not provided sufficient evidence to support the carrying value of S$1.9 million for rights related to the Birthday Mine in Australia, or been able to support the recoverability of that amount.
Noting that the investment holding company had a loss of S$1.2 million in the latest year, net operating cash flows and negative equity, the auditor said that there is "significant doubt" about Infinio's ability to remain as a going concern.
The company's directors said in an announcement that they believe that the company will have sufficient capital to discharge its liabilities as they fall due.