Bintai Revises Its Net Profits!

Holy cow!

On Star Biz: http://biz.thestar.com.my/news/story.asp?file=/2012/8/1/business/11770298&sec=business

• Wednesday August 1, 2012
  Bintai revises net profit
  
  A hefty RM26.6mil deducted on additional impairment loss
  
  PETALING JAYA: Bintai Kinden Corp Bhd has made a huge adjustment to its audited net profit after tax for the financial year ended March 31, 2012 after recording an additional impairment loss on receivables of RM26.6mil.
  
  The company told Bursa Malaysia that its audited net profit after tax for financial year 2011 was RM101,000 instead of RM26.7mil as stated in the unaudited financial statements in May.
  
  Bintai Kinden explained that there was additional impairment loss on receivables, namely from Desa Konsep Sdn Bhd and KBK Dubai LLC, based on the latest information and developments.
  
  “Based on this, the board of directors had on July 25 resolved that additional provisioning should be made accordingly for the said receivables,” said the company.
  
  Bintai Kinden provides mechanical and electrical engineering services for infrastructure and building projects, and operates in Malaysia, Singapore and Vietnam.
  
  In March, the company announced that its 70%-owned subsidiary Bintai Kindenko Pte Ltd (BKPL) had, via a joint venture with Samsung C&T Corp, won S$166.2mil (RM416.6mil) worth of jobs from the Singapore Land Transport and Authority for the republic's Downtown Line Stage 3 rail infrastructure project.
  
  Samsung C&T has a 60% stake in the joint venture, with the balance held by BKPL.
  

This is incredible!

From a net profit of 26.7 million revised to 101k????

Like this also can?