Pacific Radiance's auditor flags going concern issue, cites 'material uncertainties'

Singapore

THE independent auditor of offshore marine company Pacific Radiance has declined to express an opinion on the firm's 2018 financial results, noting that it is unable to obtain sufficient evidence to conclude if the company's going concern assumption is appropriate.

In Pacific Radiance's annual report released on Thursday, Ernst & Young (EY) stated in a disclaimer of opinion that the group's financial statements have been prepared under a going concern assumption, as directors believe that the group will be able to successfully complete its restructuring exercise.