Sarawak Cable’s auditor raises going-concern uncertainty

Sarawak Cable Bhd’s independent auditor Messrs Ernst & Young PLT has issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern, in respect of Sarawak Cable’s audited financial statements for the financial year ended Dec 31, 2019 .

In addition, on Sept 11, 2019, the company announced that it had, on Aug 7, 2019, received a letter issued by the Corporate Debt Restructuring Committee under the purview of Bank Negara Malaysia, approving the company’s application for assistance to mediate between the company and certain of its subsidiaries with their respective financiers.

“These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s and the company’s ability to continue as going concerns,” EY said. Three key audit matters were identified in the independent auditors’ report. Firstly, revenue from long-term transmission lines construction contracts. Secondly, impairment assessment of property, plant and equipment, involving an idle helicopter with a carrying amount of RM32.7 million.

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