Astal Supreme: 154% deviation between audited, unaudited Q4 2013 accounts

PETALING JAYA: Astral Supreme Bhd, which saw a shift in its boardroom recently, said there is a deviation of about 154% between its audited and unaudited fourth quarter results ended Dec 31, 2013 on possible irregularities.
In February 2014, the company had announced that its unaudited net loss stood at RM10.08 million in 2013. Yesterday, the company said its audited net loss for 2013 was RM25.58 million.
"There is a deviation of about 154% between the group's loss after tax and minority interest as stated in the unaudited fourth quarter results ended Dec 31 2013 annnounced on Feb 28 2014 and audited financial statements for the financial year ended Dec 31 2013," it said in a filing with Bursa Malaysia yesterday.
Astral Supreme said the major causes of the variances were due to the adjustments made on the exceptional items of possible irregularities pursuant to the investigative audit conducted by PKF Advisory Sdn Bhd, adjustments and reclassification of cost of sales and other items by external auditor.
Last Friday, the company said PKF Advisory had completed investigative review pertaining to the issues and matters raised by the external auditors, where the investigative review has highlighted possible irregularities in the company and certain of its subsidiaries.
It had lodged a police report on May 28 and has suspended a director of a subsidiary, who is the former managing director of the company.
Astral Supreme will also seek the advice of the company's legal advisors on the next course of action to be taken.
Datuk Eddie Chai Woon Chet was appointed as Astral Supreme's new managing director last March following the cessation of two substantial shareholders, namely Cherng Chin Guan and Ong Tai Chin.