Oilcorp submits new accounts

  • Business
  • Thursday, 04 Dec 2008

PETALING JAYA: Oilcorp Bhd has submitted its audited accounts for the financial year ended Dec 31, 2007 (FY07) to Bursa Malaysia.

In a statement yesterday, Oilcorp confirmed that the biodiesel plant construction project awarded by Plant Biofuels Corp Sdn Bhd was valued at RM110mil as at Dec 31, 2007.

The contract value comprised RM90mil for the construction of a 100,000-tonne biodiesel plant and a change order of RM20mil to double the plant capacity to 200,000 tonnes.

“The conclusion of the re-audit should put all doubts to rest about the integrity of our company’s accounts and our financial performance. This means we can now focus fuly on our daily business and expansion plans,” group managing director Sunny Ng.

“Our order books remain strong and our plans to extend our reach overseas are well underway,” he said, adding that it had already made significant inroads in target markets of China and the Middle East via its oil and gas expertise.

The value of the project was disputed earlier this year, leading Bursa to order a re-audit of its accounts.

Meanwhile, in its filing with Bursa Malaysia yesterday, Oilcorp said the group’s audited net profit for FY07 was RM4mil compared with its unaudited result of RM15.4mil reported on Feb 29, due to adjustments such as allowance for doubtful debts, deferred tax expenses and professional fees.

 OILCORP :  [Stock Watch]  [News]

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