EY flags "material uncertainty" against RHT Health Trust

The auditors of RHT Health Trust from Ernst & Young have flagged a material uncertainty related to the trust's ability to continue as a going concern.

The EY auditors noted that RHT's current liabilities exceeded its current assets by S$129.4 million as at March 31, 2018.  Included in these current liabilities is S$120 million of bonds due in January 2019.

"The ability of the group to continue as a going concern is dependent on the group's ability to obtain refinancing to repay the bonds ... and generating cashflows from its operations," they said.

RHT has said in a note to its financial statements that  it is currently in discussion with banks to extend and/or refinance the S$120 million notes.