You are here

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.

Your feedback is important to us

Tell us what you think. Email us at

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to