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Tritech discloses variances in figures for bank borrowings after FY19 audit

CATALIST-LISTED Tritech Group has adjusted two figures relating to its bank borrowings in the consolidated statement of cash flows for fiscal 2019 ended March 31, after the results were audited.

In a filing on Thursday morning, the engineering firm said that it received S$22.26 million in proceeds from bank borrowings according to the audited full-year financial statements, instead of S$8.76 million as in the unaudited statements. This represents a variance of 154 per cent or S$13.5 million.

The company also made S$19.84 million in repayments of bank borrowings during the year, instead of S$6.27 million as stated in the unaudited statements. This represents a 216 per cent or S$13.57 million variance.

Tritech explained that the different figures were due to gross proceeds and gross repayments from certain bank borrowings being represented in the audited full-year financial statements.

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Previously, they had been presented on a net basis in the unaudited statements, which were released on May 30.

These adjustments did not result in a material impact on the earnings per share and/or the net tangible assets per share of the group for FY2019, Tritech said.

The company made the disclosure under Catalist listing rules.

Shares of Tritech closed flat at 3.3 Singapore cents on Wednesday.