KUALA LUMPUR: Brahim’s Holdings Bhd’s shares fell 4% in early trade Tuesday after its external auditor highlighted material uncertainty in FY18 financial statements.
The catering services provider fell 4%, or 0.5 sen to 12 sen. In the past one year, Brahim’s has fallen some 64.71%.
Brahim’s external auditor, PricewaterhouseCoopers (PwC), has made an unqualified opinion on the latter’s financial statements, highlighting a material uncertainty related to the group’s going
The auditor pointed to Note 2 in the group’s financial statements for the year ended Dec 31, 2018 (FY18) which stated that Brahim’s had incurred a net loss after tax of RM116mil and RM59.6mil at the group and company level, while liabilities had exceeded current assets by RM56.6mil and RM80.2mil respectively.
“These events and conditions, along with the other matters as set forth in Note 2 to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the ability of the group and the company to continue as going concerns,” said PwC.