China Energy's independent auditors flag concerns over financial position
Published on Apr 13, 2014 2:55 PM
The independent auditors of China Energy, a Singapore-listed producer of dimethyl ether, have flagged concerns about the group's financial position.
In an "emphasis of matter" opinion, auditors Moore Stephens noted that China Energy's current liabilities exceeded its current assets by 1.5 billion yuan as at Dec 31 last year, up from 991.5 million yuan the year before.
The group also incurred a net loss of 277 million yuan last year.
These conditions " indicate the existence of a material uncertainty which may cast significant doubt as to the ability of the Group to continue as a going concern", the auditors said.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!