Bintai Kinden managing director and chief executive officer Datuk Tay Chor Han.
KUALA LUMPUR: Bintai Kinden Corp
Bhd said its audited financial statements for the financial year ended March 31, 2025 (FY25) have been deemed true and fair in all material respects by external auditors HLB Ler Lum Chew PLT.
In a statement, the mechanical and electrical (M&E) engineering services specialist said the qualification arose from the auditors' inability to obtain sufficient evidence on opening balances for liabilities, trade receivables, and contract assets from FY24.
“As a result, the auditors could not determine whether adjustments were necessary to FY2025’s profit or loss and retained earnings.
“Crucially, the qualification does not relate to FY25 transactions, and the auditors confirmed the financial statements otherwise present a true and fair view of the group’s current financial position,” Bintai Kinden said.
It said the issue relates only to legacy balances and does not involve any material misstatements in FY25’s accounts. The group has taken corrective steps to improve financial transparency and accountability.
For FY25, Bintai Kinden posted revenue of RM25.29mil, down 31.3% from RM36.79mil in FY24, mainly due to the termination of ten contracts in the M&E segment last year.
Bintai Kinden noted that while several new projects were secured during FY25, most remained in early mobilisation stages at year-end, limiting revenue recognition.
The group reported a loss before tax of RM31.97mil, compared to a profit of RM5.17mil in the previous year, mainly due to lower revenue and several one-off items.
Despite the loss, Bintai Kinden said its financial position improved from FY24, with net current assets of RM9.11mil as at March 31, 2025. The improvement followed steps to strengthen its finances, including a private placement, bank facility restructuring, and tighter cash flow management.
“While the audit qualification reflects a technical issue relating to past records, it does not take away from the progress we’ve made this year.
“Our focus remains on restoring profitability, strengthening governance, and regaining investor confidence,” managing director cum CEO Datuk Tay Chor Han said.
Bintai Kinden has already begun seeing the fruits of its restructuring. As of June 30, the group’s unbilled construction order book stood at RM128.61mil, providing strong earnings visibility.
The M&E division is also expected to contribute positively in the current year, following the resolution of a dispute with Tenaga Nasional Bhd.
The group, having fully implemented its Regularisation Plan on May 21 and strengthened its financial footing in FY25, is optimistic about being uplifted from PN17 status within the current financial year.
