KPMG flags going concern issues with KS Energy

Singapore

LISTED offshore and marine group KS Energy said after Friday trading close its independent auditors from KPMG LLP has flagged "material uncertainty related to going concern" in relation to its FY16 financial statements.

The auditors noted three going concern issues as reflected in KS Energy's FY16 statements. First, the O&M group has incurred a full-year net loss of S$126.32 million and the group and the company's current liabilities exceed current assets by S$88.20 million and S$99.45 million, respectively.