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Quick take: Asia Media tumbles 51.8% in early trade

KUALA LUMPUR: Shares in ASIA MEDIA GROUP BHD plunged more than 51% in early trade Tuesday following a significant differences between its unaudited and audited results.

The transit television network provider, one of the top losers on Bursa Malaysia, tumbled 51.85%, or seven sen to 6.5 sen with 8.65 million shares traded.

Asia Media said there was a significant variation between its audited and unaudited financial results for the financial year ended Dec 31,2018 (FY18), following discovery of impairment losses and provisions that were not accounted for by the previous management.

It said the impairment losses — on property, plant, equipment and receivables — together with the provisions for litigation claims affecting the group, amounted to RM22.9mil.

The variation resulted in Asia Media’s FY18 net loss widening to RM26.51mil from RM3.14mil reported previously, on the back of revenue of RM13.43mil.

Asia Media has also triggered the Practice Note 17 criteria as its shareholders’ equity on a consolidated basis of less than RM40mil is now 25% or less of its issued capital.

Source: TheStar