You are here

Accrelist's post-audit profit for fiscal 2018 reduced 72% to S$186,000

CORPORATE accretion services provider Accrelist disclosed that its net profit for the financial year ended March 31 this year had been reduced by 72 per cent to S$186,000 from S$667,000 following its audit.

Revenue after the audit was S$52,000 lower at S$112.5 million, compared to the unaudited results previously announced.

Inventories were written down to net realisable value, resulting in higher cost of sales by S$285,000. Therefore, gross profit was down to S$4.67 million post-audit.

Post-audit, the company's other gains (net) were also reduced by S$543,000 mainly due to bad debts being written off for trade and other receivables, as well as allowance made for impairment of trade receivables. Administrative expenses also increased by S$54,000.

These were slightly offset by two other items in its income statement. The company saw finance costs slightly reduced by S$214,000 as interest on a convertible loan to Jubilee Industries Holdings and an inter-company loan were eliminated, and a higher income tax credit after the audit by S$239,000 due to a deferred tax credit relating to fair value adjustments resulting from the PPA exercise.

Your feedback is important to us

Tell us what you think. Email us at

Total assets were lower at S$89.7 million compared to the pre-audit figure of S$90.7 million (see amendment note).

Total equity was higher at S$49 million, compared to the pre-audit's S$48.6 million.

The post-audit value of total liabilities was S$40.7 million, lower than the previously reported S$42 million.

The company said in a Singapore Exchange announcement on Wednesday morning that the differences resulted after finalising the audit and a purchase price allocation exercise involving Jubilee Industries Holdings.

Amendment note: A previous version of the story said that the total non-current assets stood at S$89.7 million as compared to the pre-audit figure of S$90.7 million, while total liabilities were S$35.7 million, lower than the previously reported S$36 million. These are incorrect. We have revised the article accordingly. A previous version of the story also said Accrelist is a systems integration specialist. The company has clarified that it has shifted into corporate accretion services.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to