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November 29, 2007 |
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SUNWAY: Incurs MYR21-Mil. Net Loss in Quarter Ended Sept. 30 Sunway Infrastructure Berhad posted a MYR21.2-million net loss in the quarter ended September 30, 2007, as compared with the MYR18.9-million net loss in the same quarter last year. The company's revenue for the first quarter of 2007 totaled MYR7.6 million, a slight increase from the MYR7.3 million revenues in the same quarter of 2006. As of September 30, 2007, Sunway's balance sheet showed strained liquidity with MYR120.6 million of current assets available to pay MYR1.1 billion of current liabilities coming due within the next 12 months. The company's balance sheet as of end-September also showed MYR1.38 billion in total assets and MYR1.44 billion in total liabilities, resulting in a MYR58-million shareholders' equity deficit. Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure Berhad -- http://www.sunway.com.my/ -- is an investment holding company in Malaysia. The Company's wholly owned subsidiary, Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is responsible for the construction of the Kajang Traffic Dispersal Ring Road. Silk's activities are the upgrading and widening of existing roads; the design and construction of a new alignment, and the operation of the Kajang Traffic Dispersal Ring Road, including toll operations and maintenance. Through SILK, the Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd mainly focuses on undertaking housing development for residents whose dwellings are located on the land, on which the Kajang Traffic Dispersal Ring Road is constructed or who are affected by the construction of the Kajang Traffic Dispersal ring road. On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd. The company is an affected listed issuer pursuant to the Amended PN17 since its auditors have expressed a modified opinion with emphasis on the company's going concern in the company's audited financial statements for the year ended June 30, 2006, and since the unaudited shareholders' equity of approximately MYR26.702 million based on its quarterly results for the period ended September 30, 2006, is less than 50% of its issued and paid up capital of MYR90 million. In addition, the Troubled Company Reporter-Asia Pacific reported on March 20, 2007, that its shareholders' equity on a consolidated basis based on the unaudited results for the quarter ended Dec. 31, 2006, of MYR7.173 million, is less than 25% of the company's issued and paid-up capital of MYR90 million and such shareholders' equity is less than the minimum issued and paid-up capital as required under Paragraph 8.16A(1) of the Listing Requirements of MYR60 million, triggering another listing criteria under Amended PN17 listing requirements. |
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