SINGAPORE - Corporate accretion services provider Accrelist disclosed that its net profit for the financial year ended March 31 this year had been reduced by 72 per cent to S$186,000 from S$667,000 following its audit.
Revenue after the audit was S$52,000 lower at S$112.5 million, compared to the unaudited results previously announced.
Inventories were written down to net realisable value, resulting in higher cost of sales by S$285,000. Therefore, gross profit was down to S$4.67 million post-audit.
Post-audit, the company's other gains (net) were also reduced by S$543,000 mainly due to bad debts being written off for trade and other receivables, as well as allowance made for impairment of trade receivables. Administrative expenses also increased by S$54,000.
These were slightly offset by two other items in its income statement. The company saw finance costs slightly reduced by S$214,000 as interest on a convertible loan to Jubilee Industries Holdings and an inter-company loan were eliminated, and a higher income tax credit after the audit by S$239,000 due to a deferred tax credit relating to fair value adjustments resulting from the PPA exercise.
Total assets were lower at S$89.7 million compared to the pre-audit figure of S$90.7 million.
Total equity was higher at S$49 million, compared to the pre-audit's S$48.6 million.
The post-audit value of total liabilities was S$40.7 million, lower than the previously reported S$42 million.
The company said in a Singapore Exchange announcement on Wednesday morning that the differences resulted after finalising the audit and a purchase price allocation exercise involving Jubilee Industries Holdings.