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Acromec full-year loss widens with audited results

CATALIST-LISTED specialist engineering firm Acromec has highlighted differences in its unaudited and audited financial results for the year ended Sept 30, 2018, with an additional S$801,000 loss recorded.

With the audited results, loss attributable to owners of the company widened to S$3.43 million from S$2.62 million previously. Loss per share was 2.58 Singapore cents, compared to 1.97 Singapore cents based on the unaudited results.

The discrepancy was due to an additional S$801,000 in other operating expenses and an accompanying decrease in trade receivables. Acromec said that this was due to "impairment made on the trade receivables of a customer", as there are indications of the impairment "in view of material developments affecting the customer that occurred after the release of the unaudited full-year results".

Acromec said that it is following up on the matter closely with the customer, and is taking steps to recover the debt. It will make further announcements as and when there are material updates to the matter.

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Acromec shares last closed at eight Singapore cents on Dec 27.