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Blumont's independent auditor raises going concern issue
BLUMONT Group's independent auditor, Moore Stephens, has raised the group's ability to continue as a going concern on the audited financial statements of the group for the financial year ended December 2014.
The group had, for the financial year, incurred a net loss of approximately S$66.2 million and a total comprehensive loss of approximately S$68.8 million. As at Dec 31, 2014, the group's current liabilities exceeded its current assets by approximately S$16.5 million and the company's current liabilities exceeded its current assets by approximately S$32.9 million.
The above conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the group and of the company to continue as going concerns and to realise their assets and discharge their liabilities in the ordinary course of business, said the independent auditor.
It also noted that the group has since embarked on various fund raising activities.