Mary Chia applies for more time to announce FY2021 financial statements

MARY Chia Holdings on Monday applied for an extension of time to announce the group's unaudited financial statements for the financial year ended March 31, 2021.

It is asking for a month's reprieve so it can file its financial statements by June 30 instead of May 30. Explaining its request, the group said that its finance team in Malaysia have had to work from home due to the latest Movement Control Order (MCO) and had "limited access to the accounting system". Its outlets were also "either closed or disallowed to operate at full capacity".

"The finance team had to work from home between Jan 13 and Feb 15, and again between May 9 and May 11," the group said.

That, along with the additional coordination and rescheduling of accounting activities resulted in the delayed commencement of audit and the closing of the management accounts of the Group for FY2021, it noted. "Although the finance team in Malaysia is back to office now, the team still needs additional time to finalise the management accounts".

The delay in Malaysia will in turn affect the progress of the group's audit by its auditors, Foo Koo Tan LLP. Mary Chia said that it is the group's practice to have the auditors review the unaudited financial statements, even though the announcement does not require an audit to have been performed.

Meanwhile, the group's unaudited financial statements for its Singapore entities have been prepared by the Singapore finance team and is currently undergoing review by its auditors, it said.

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The preparation of the unaudited financial statements for the Singapore entities also required more time than expected, it noted. This is because the finance team in Singapore needed to reconcile the accounting practices of five newly acquired subsidiaries during FY2021 with the group's accounting practices.

Shares of Mary Chia closed at S$0.094 on Monday, up 1.1 Singapore cents or 13.25 per cent.