Financial Statements and Related Announcement::Discrepancies between unaudited a...
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Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts Issuer & Securities
Issuer/ Manager CSC HOLDINGS LIMITED Securities CSC HOLDINGS LTD - SG1F84861094 - C06 Stapled Security NoAnnouncement Details
Announcement Title Financial Statements and Related Announcement Date & Time of Broadcast 23-Jun-2017 17:27:32 Status New Announcement Sub Title Discrepancies between unaudited and audited accounts Announcement Reference SG170623OTHRMHQP Submitted By (Co./ Ind. Name) Lee Quang Loong Designation Company Secretary Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)Please refer to the attachment.
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23/6/2017
MATERIAL VARIANCES BETWEEN UNAUDITED FINANCIAL STATEMENTS AND REVISED UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017The Board of Directors (the "Board") of CSC Holdings Limited (the "Company" and together with its subsidiaries, the "Group") refers to the Company's previous announcement made on 30 May 2017 in relation to its unaudited full year financial statements for the financial year ended 31 March 2017 ("FY17") (the "Unaudited Results").
The Board wishes to announce and clarify material differences between the unaudited financial statements and the revised unaudited financial statements for FY17 (the "Revised Unaudited Results"). The material differences and the reason therefor are set out below.
Consolidated Statement of Profit or Loss for FY17
Group | ||||
12 months ended | Variance | |||
31-Mar-17 Revised Unaudited Results | 31-Mar-17 Unaudited Results | |||
Loss before tax | $'000 | $'000 | $'00 | 0 |
(22,412) | (23,285) | 873 | ||
Tax expense | (2,313) | (2,116) | (197) | |
Loss for the yea r | ||||
Attributable to: | ||||
Owners of the Company | (25,282) | (25,598) | 316 | |
Non-controlling interests | 557 | 197 | 360 | |
Loss for the year | (24,725) | (25,401) | 676 | |
Basic loss per share (cents) | (1.16) | (1.17) | 0.01 | |
Diluted loss per share (cents) | (1.16) | (1.17) | 0.01 |
Statement of Financial Position as at 31 March 2017
Group | ||||
31-Mar-17 Revised Unaudited Results | 31-Mar-17 Unaudited Results | Variance | ||
Current assets | $'000 | $'000 | $'000 | |
181,076 | 180,236 | 840 | ||
Equity | ||||
Equity attributable to: | ||||
Owners of the Company | 144,944 | 144,640 | 304 | |
Non-controlling interests | 25,900 | 25,553 | 347 | |
Equity | 170,844 | 170,193 | 651 | |
Non-current liabilities | 23,358 | 23,169 | 189 | |
Net Asset Value per share (cents) | 7.8 | 7.8 | - |
The above differences are due to the Group's successful efforts in recovering a long outstanding debt amounting to $873,000 (the "Debt"). The Debt has been outstanding for more than a year. On a prudent basis, a full provision was made and reflected in the Unaudited Results of the Group. As a result of the Group's successful recovery of the Debt, the Group has reversed the provision made previously and has recorded a corresponding decrease to its loss for the current financial year.
Please refer to ANNEX A for the detailed variances.
BY ORDER OF THE BOARDLee Quang Loong Company Secretary
23 June 2017
ANNEX A Comparison of the Revised Unaudited Results and the Unaudited Results for FY17 are set out as follows: Consolidated Statement of Profit or Loss for the 12 months ended 31 March 2017Revenue | Group | |||
12 months ended | Variance | |||
31-Mar-17 Revised Unaudited | 31-Mar-17 Unaudited | |||
$'000 | $'000 | $'00 | 0 | |
252,360 | 252,360 | - | ||
Cost of sales | (244,114) | (244,114) | - | |
Gross profit | 8,246 | 8,246 | - | |
Other income | 2,306 | 2,306 | - | |
Distribution expenses | (526) | (526) | - | |
Administrative expenses | (25,711) | (25,711) | - | |
Other operating expenses | (1,843) | (2,716) | 873 | |
Write-down of plant and equipment | (1,007) | (1,007) | - | |
Results from operating activities | (18,535) | (19,408) | 873 | |
Finance income | 213 | 213 | - | |
Finance expenses | (3,843) | (3,843) | - | |
Net finance expenses | (3,630) | (3,630) | - | |
Share of loss of joint ventures | (247) | (247) | - | |
(net of tax) | ||||
Loss before tax | (22,412) | (23,285) | 873 | |
Tax expense | (2,313) | (2,116) | (197) | |
Loss for the year | (24,725) | (25,401) | 676 | |
Attributable to: | (25,282) | (25,598) | 316 | |
Owners of the Company | ||||
Non-controlling interests | 557 | 197 | 360 | |
Loss for the year | (24,725) | (25,401) | 676 | |
Loss per share | (1.16) | (1.17) | 0.01 | |
Basic loss per share (cents) | ||||
Diluted loss per share (cents) | (1.16) | (1.17) | 0.01 |
CSC Holdings Ltd. published this content on 23 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 June 2017 00:54:08 UTC.
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