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March 4, 2008 |
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CNLT (FAR EAST): Incurs MYR13.7MM Net Loss in Qtr. Ended Dec. 31 CNLT (Far East) Berhad incurred a MYR13.27-million net loss on MYR981,000 of revenues in the quarter ended December 31, 2007, as compared to MYR4.14-million net loss on MYR9.01-million of revenues in the same quarter of 2006. As of December 31, 2007, the company's balance sheet showed strained liquidity with MYR8.47 million of current assets available to pay MYR138.65 million of current liabilities coming due within the next twelve months. The company's balance sheet as of end-December 2007 also reflected MYR149.19 of total assets and MYR161.45 million of total liabilities resulting to a MYR12.26 million of shareholders' equity deficit. Based in Malaysia, CNLT (Far East) Bhd was admitted into the Amended PN17 listing criteria of the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing requirements: (i) Based on the unaudited quarterly results of CNLT for the first quarter ended March 31, 2007, as announced to Bursa Securities, the shareholders' equity on a consolidated basis is less than 50% of the issued and paid up capital of the company ; and (ii) The auditors of CNLT have expressed a modified opinion with emphasis on the Company's going concern in its latest audited accounts for the financial year ended December 31, 2005. |
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