Saw this article published on the Edge, 30-04-2008: Major profit discrepancy in Pentamaster’s results
- Petaling Jaya: Pentamaster Corp Bhd’s audited net profit for the financial year ended Dec 31, 2007, of RM3.6 million turned up 61% lower than its unaudited net profit of RM9.2 million announced earlier.
The company did not elaborate on what caused the discrepancy when announcing its audited results to Bursa Malaysia yesterday.
In February, Pentamaster announced that its unaudited FY2007 net profit was down 13% to RM9.2 million compared to FY2006, due to additional provisions and write-offs made in FY2007. It said the additional provisions and write-off on inventories and debtors amounted to RM5.8 million and RM492,000, respectively, in 4Q FY2007.
Pentamaster provides automation solutions for the semiconductor industry. The stock closed flat at 48.5 sen yesterday.
This was the announcement posted on Bursa. DEVIATION OF MORE THAN 10% OF THE UNAUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2007 RELEASED ON 26 FEBRUARY 2008 AND THE AUDITED RESULTS OF THE GROUP
Seriously, such explanation simply isn't enough, not when the audited accounts deviates by a whopping 61%.
This company should at least have the decency to explain to everyone what is happening.
Wouldn't you agree?