NPC Resources’ qualified by auditors

PETALING JAYA: NPC Resources Bhd's, a company involved in plantation, milling, fishery and hotelier, audited financial statements for the year ended Dec 31, 2014 has been qualified by its auditors.
Its auditors, who were not named in the announcement with Bursa Malaysia, had qualified the accounts as it had insufficient time to perform sufficient audit procedures to satisfy itself of the appropriateness of the financial information of its three foreign subsidiaries used in the preparation of of the consolidated financial statements of the group.
"The audited financial statements of subsidiaries PT Enggang Alam Sawita , PT Borneo Indosubur and PT Nala Palma Cadudasa were available close to the date the financial statements were made available to the auditors.
"In our opinion, except for the effects, if any, of the matter described in the basis of qualified opinion paragraph, the financial statements of the group and of the company give a true and fair view of the financial position of the group and of the company as at Dec 31, 2014 and of their financial performance and cash flows for the year then ended in accordance with Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia, " the auditors said.
NPC made a net profit of RM18.9 million for the financial year ended Dec 31, 2014, compared with a net loss of RM381, 000 for the same period in 2013.
This was on almost 15% higher revenue of RM479.6 million, compared with RM418.8 million for the same period in 2013.