Auditors issue disclaimer of opinion on EMS Energy's FY16 statements

Singapore

THE auditors of Catalist-listed EMS Energy at BDO have issued a disclaimer of opinion on the group's consolidated financial statements as at Dec 31 2016, citing doubts over the group's ability to continue as a going business concern.

The BDO auditors pointed out that the current liabilities of both the group and the company have exceeded current assets by about S$126 million and S$39 million respectively. These contrasted with the group's cash and bank balances, which stood at just about $433,000. The group also slipped deeper into the red with a loss of about S$119.67 million for FY16, compared to S$10.24 million for the preceding financial year.