Auditor questions Avillion’s ability to continue as a going concern FMTNews FMTBusiness
Avillion Bhd said it has introduced measures to navigate through the challenging times following its considerable FY2023 net loss.
According to its filing with Bursa Malaysia yesterday, its external auditor Messrs Baker Tilly Monteiro Heng PLT noted that Avillion incurred a net loss of RM5.402 million at the group level and RM4.84 million at the company level during the financial period ended March 31, 2023 . “[This] thereby indicates the existence of a material uncertainty which may cast significant doubt about the group’s and the company’s ability to continue as a going concern,” commented the auditor.
Other measures include selling off low or non-performing land assets, intensifying sales and marketing initiatives to clear its property inventory, and maintaining financial backing from bankers.
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