Auditor casts doubt over Pharmaniaga

KUALA LUMPUR: Pharmaniaga Bhd’s independent auditor has issued a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern in respect of the group’s financial statements for the financial year ended Dec 31, 2023 (FY23).

In its report on March 29, 2024, the independent auditor Messrs PricewaterhouseCoopers PLT indicated that the group and company incurred net losses of RM78.7mil and RM63.3mil, respectively, in FY23.

As at Dec 31, 2023, the group and company’s current liabilities exceeded their current assets by RM895mil and RM439mil, respectively, and recorded a capital deficiency of RM274.1mil.

As stated in Note 2 in the financial statements, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and company’s ability to continue as a going concern.

“Our opinion is not modified in respect of this matter,” the auditor noted. — Bernama