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RH Petrogas' auditor flags cashflow concern

Tuesday, April 4, 2017 - 18:46

RH PETROGAS on Tuesday said its auditor has included an emphasis of matter over its audited financial statements for the fiscal year ended Dec 31, 2016.

The oil-and-gas firm's auditor, Ernst & Young, said while the group has incurred a net loss of US$8.94 million for the full year, its current and total liabilities exceeded its current and total assets by US$25.3 million and US$36.1 million, respectively.

"These factors indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as going concern."

The group has made losses for three consecutive years. Its market value stands at S$75.6 million. Listed companies are only placed on the watchlist if its average daily market value is less than S$40 million over the last six months, on top of posting three years of pre-tax losses.

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