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Amended Unaudited financial Statements For The Financial Year Ended 31 March 2020
Type | Announcement |
Subject | OTHERS |
Description |
HUA YANG BERHAD ("HYB" or "the Company") AMENDED UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 |
Further to the Company’s announcement on 20 July 2020, the Board of Directors of HYB (“Board”) wishes to inform that the Board has amended the unaudited financial statements for the financial quarter and year ended 31 March 2020 of the Company which was released on 23 June 2020 (“First Announced Quarterly Results”) to take into account the impairment on the investment on the associate, Magna Prima Berhad (“MPB”) of RM74.71 million in the fourth quarter. HYB Group has a 30.95% equity interest in MPB with a carrying amount as at 31 March 2019 was RM160.51 million. As at the time of the release of the First Announced Quarterly Results, the HYB Group had recognised the share of loss and other comprehensive loss of RM11.04 million only and the carrying amount of RM149.47 million then was viewed to be the fair value using the net assets value of MPB as at 31 December 2019 of RM487.07 million Consequent to MPB’s announcement on 17 July 2020 of the appointment of the Receiver and Manager over the properties and assets of Magna Ecocity Sdn Bhd, being MPB’s subsidiary, after consultation with various professionals and in line with requirements of the accounting standards, HYB Group views that the use of the net assets value of MPB as at 31 December 2019 will no longer be appropriate and the carrying value should be recognised at the latest market value of the Company’s investment in MPB as at the close of trading on 22 July 2020 of RM0.725 per MPB share. As a result thereof, an impairment of RM74.71 million has to be recognised and the carrying value of the investment in associate as at the close of the financial year 31 March 2020 is now revised to RM74.76 million. The Company has released the attached amended unaudited financial statements for the financial quarter and year ended 31 March 2020 (“Amended Quarterly Results”) and the Board wishes to highlight the salient figures as per Appendix A that have been amended.
This announcement is dated 23 July 2020. |
Announcement Info
Company Name | HUA YANG BERHAD |
Stock Name | HUAYANG |
Date Announced | 23 Jul 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-23072020-00050 |
Attachments
- Appendix_A_230720.pdf (Size: 68,164 bytes)