RH Petrogas' auditor flags cashflow concern
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly
HCA beats first-quarter profit estimates on higher patient admissions