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Nobel Design to delay Q1 results release, pending re-examination of accounts

EMBATTLED furniture company Nobel Design Holdings last Friday announced its plans to extend the release of its first quarter FY2015 unaudited results by two weeks, pending the board's re-examination of its FY2014 audited financial statements.

The board said in a note that the company "will not be in a position" to announce its first quarter results, which were due last Friday, as the results will have to take reference from the bases and considerations applicable to the FY2014 financial statements arising from the re-examination. The company had therefore submitted an application to the Singapore Exchange for the extension, it said on Friday.

The re-examination of Nobel Design's FY2014 financial statements comes after concerns were raised by shareholders at the company's annual general meeting (AGM) here last month.

During the five-hour long meeting, shareholders had highlighted possible inconsistencies in the company's asset and liability reporting, alleging that the accounts could be off by more than S$100 million as a result of the discrepancies. Despite the concerns however, the accounts were approved.

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Nobel Design's board then announced last month that based on discussions with its auditoes Nexia TS, no changes would be made to the consolidated balance sheet and income statement of the company and its subsidiaries for FY2014. But the group added that it was corresponding with Nexia TS on whether any further actions were needed.

On Friday, the company said that it has now engaged PricewaterhouseCoopers LLP as an independent special adviser to review and advise the board on the re-examination, "out of abundance of caution and with a view to assuring its shareholders of the transparency and professional integrity of the review".

Nobel Design's shares closed trading unchanged at S$0.43 on Friday.