Loss-making Perisai's viability in question by external auditors

File picture shows Perisai Petroleum

KUALA LUMPUR: Perisai Petroleum Teknologi Bhd, which was hammered by the oil price plunge in recent years, now faces the question about its viability following a report by its external auditors.

Perisai said on Wednesday its external auditors Messrs Baker Tilly AC had issued a statement of “matertial uncertainty related to going concern” following its audited financial staments for the financial period ended June 30, 2017.

Messrs Baker Tilly said for the financial year ended June 30, 2017, the group incurred net loss of RM606.95mil  and ts current liabilities exceeded its current assets by RM1.34bil.

As for the company, it incurred a net loss of  RM308.61mil  and ts current liabilities exceeded its current assets by RM729.54mil.

Perisai's board of directors also said the independent auditors have expressed unqualified opinion of the Audited Financial Statement (AFS) 2017 and that their opinion is not modified in respect of the Statement on the matter.

It said the group was in the midst of formalising a restructuring and regularisation plan with its consultants to address its net current liabilities positions and PN17 status.

“The group is pursuing all avenues available to recover the receivables,” it said.