Asdion reports 107% deviation in FY18 net loss

PETALING JAYA: Asdion Bhd has reported a deviation of 107.55% between its audited and unaudited net loss for the financial year ended March 31 (FY18) due to additional impairment charges and charges related to its purchase of a 50% interest in Maxillion Link Enterprises Ltd.
In a filing with Bursa Malaysia today, the group said that it made a loss after taxation and minority interest of RM4.87 million for FY18 based on its audited financial statements compared with RM2.35 million as reported earlier in its unaudited financial statements.
The deviation was mainly due to adjustments made to the audited financial statements for FY18 namely an impairment of RM1.5 million from its subsidiary Asdion Logistics Sdn Bhd and changes of bargain purchase arising from the Maxillion Group of RM1.57 million.
Asdion said that the impairment of trade receivables and other receivables amounted to RM1.38 million and RM81,761 respectively while the changes of bargain purchase refers to a non-controlling interest as at the date of acquisition amounting to RM1.56 million.
Asdion’s share price rose 2.04% or half sen to close at 25 sen today with a total of 2.08 million shares traded.