S$5.2m discrepancy due to restructuring exercise: Asiatravel

A DISCREPANCY of S$5.2 million between its unaudited and audited financial statements for fiscal 2017 was due to the company's restructuring exercise, travel agency Asiatravel announced late Monday night.

Out of the adjustment of S$5.2 million loss before income tax, S$2.6 million loss is attributable to owners of the company, Asiatravel said.

The bulk of the difference came from the S$4.5 million related to the allowance for doubtful debt of two 50 per cent-owned subsidiaries involved in the offline travel business, as the group seeks to exit the sector.

The remainder was due to the amortisation of S$0.9 million of intangible assets related to one of the 50 per cent-owned subsidiaries, the impairment of S$0.8 million in intangible assets after an assessment of the goodwill arising from business combinations, and a S$1 million reversal due from the over accrued cost of sales following reconciliation with the group's customers.

Asiatravel's shares last traded on June 8, closing at S$0.029 apiece.