Kuala Lumpur (XFN-ASIA) - Shares of Transmile Group Bhd plunged
when it resumed trade after the cargo group reportedly said its financial years
2005 and 2006 may have posted losses due to significant revenue overstatements.
Transmile was down 2.65 rgt or 29.78 pct at 6.25.
The Edge Financial Daily quoted Transmile as saying that based on the preliminary findings of a special audit conducted by Moores Rowland Risk Management Sdn Bhd, and on the assumption that it makes full provisions for estimated overstatements in revenue, its 2006 unaudited consolidated pretax profit will be reduced by 333 mln rgt -- from 207 mln rgt pretax profit to a pretax loss of 126 mln rgt.
It said its 2005 audited consolidated pretax profit will be reduced by 197 mln rgt -- from a pretax profit of 120 mln rgt to a pretax loss of 77 mln.
Auditor Deloitte KassimChan said the findings may still be subject to change upon completion of the special audit by Moores Rowland and the statutory audit by Deloitte & Touche, according to the report.