Sinjia Land's negative working capital widens to to S$3.03m after adjustments proposed by auditor

SINGAPORE - Sinjia Land saw its negative working capital widen to S$3.03 million after taking in adjustments proposed by its independent auditor.

The investing holding company that manufactures and sells customised elastomeric and polymeric components said after Thursday's trading hours that some S$2.36 million other receivables relating to the disposal of HLH Rubber Products Ltd were reclassified from current to non-current assets. These proceeds will only be due in 2019, the listed company explained.

Sinjia Land's full-year accumulated losses also widened to S$9.13 million from S$5.80 million after providing for impairment of receivables and investment in subsidiaries.

The listed company took in impairments amounting to some S$2.37 million pertaining to receivables, and S$1.0 million pertaining to investment in subsidiaries in its audited financial statements. It said that its management was unable to ascertain the recoverability of these two amounts.