DIGISTAR Corporation Bhd announced that its auditors have found a variance of 15.7% between the company’s audited and unaudited results for its 2019 financial year, which ended Sept 30, 2019.
The technology and broadcast engineering company had reported an unaudited loss after tax and minority interests of RM3.29 mil in its announcement on Bursa Malaysia on Nov 29, 2019, but now says the audited loss after tax and minority interests is RM2.84 mil.
It explained that the deviation was primarily due to a reduction in post-tax profit for its subsidiary Indera Persada Sdn Bhd, due to the Financial Reporting Standards Implementation Committee (FRSIC) Consensus 31, which is the “Classification of Amount due from Subsidiaries and Amount due to Holding Company that is Repayable on Demand.”
Indera Persada had reported an unaudited profit after tax of RM5.97 mil, compared to an audited RM4.71 mil. The non-controlling interest in Indera Persada is 30%, amounting to RM376,372, which directly reduces the attributed non-controlling interest in the audited financial statements of the company, leading to the deviation.
At the end of the trading day, Digistar’s shares were at a static 4 sen, with 80,000 shares changing hands. – Feb 4, 2020
