NPC’s external auditor expresses unqualified opinion


It pointed out that during the year, certain loan covenants for the borrowings relating to the debt service cover ratio and total debts/Ebitda ratio were breached, of which subsequent to the financial year-end, the group had obtained indulgence from the bankers for the breaches.

PETALING JAYA: NPC Resources Bhd’s external auditor, Messrs Ernst & Young PLT (EY) has expressed unqualified opinion with material uncertainty related to going concern in the audited financial statements of the company for the financial year ended Dec 31, 2020 (FY20).

The company told Bursa Malaysia that EY had said that the Sabah-based oil palm plantation firm incurred a net loss of RM13.89mil in FY20.

“And as of that date, the group’s and the company’s current liabilities exceeded their current assets by RM456, 062, 000 and RM452, 063, 000 respectively, ” the auditor said.

It pointed out that during the year, certain loan covenants for the borrowings relating to the debt service cover ratio and total debts/Ebitda ratio were breached, of which subsequent to the financial year-end, the group had obtained indulgence from the bankers for the breaches.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

CPO futures poised for technical correction next week
Join in the SCxSC 2021 for latest trends on fintech in the capital market
The ageing conundrum
Health and social systems a priority in shifting demographic trend
Budget to boost flagging industries
Lessons from China Auto
Is inflation good for the economy?
HSS to grow renewable energy business
Good growth prospects for telcos
On the path to V-shaped recovery

Others Also Read


Vouchers