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RE: POH KONG HOLDINGS BERHAD ("PKHB") Variance In The Differences In Results Announced

POH KONG HOLDINGS BERHAD

Type

Announcement
SubjectRE: POH KONG HOLDINGS BERHAD ("PKHB")
Variance In The Differences In Results Announced

Contents :

The Company had on 6 December 2004 explained to the Bursa Malaysia Securities Berhad the favourable variance of RM3.132 million arose as a result of the difference between the Audited Financial Statements ("AFS") for the financial year ended 31 July 2004 and the Profit Forecast as disclosed in the Prospectus issued by the Company on 30 January 2004 ("the Forecast").


However, during the Group's regular operational and financial reviews, the management has discovered that certain inventories in a division of a subsidiary relating to the previous financial year were incorrectly stated. It has been discovered that the variances in inventory value ("these variances") was due to certain oversights, including faulty software programming logic in the inventory system of a division of a subsidiary identified by the management and duly adjusted*.

The financial statements for financial year ended 31 July 2004 have been restated to correct these variances. As a result, the favourable variance explanation as mentioned in paragraph one above is revised as shown in the table below.

The faulty software programming logic has been duly rectified and the management continues to review and improve the systems and its operations on a regular basis.

*An independent party was appointed to carry out certain agreed upon procedures in respect of adjustments identified by management.

As previously
Announced
Correction of fundamental error
As restated
RM000
RM000
RM000
Profit After Taxation in the Prospectus
(a)
7,356
-
7,356
Profit Before Taxation movement
972
(1,729)
(757)
Taxation movement
988
484
1,472
Pre-acquisition profit movement
1,172
-
1,172
Profit After Taxation (audited / restated)
(b)
10,488
(1,245)
9,243
Favourable Variance
(b)-(a)
3,312
(1,245)
1,887


Announcement Info

Company NamePOH KONG HOLDINGS BERHAD  
Stock Name POHKONG    
Date Announced6 Apr 2005  
CategoryGeneral Announcement
Reference NoCC-050406-A416F

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