THE board of Catalist-listed property developer Astaka Holdings on Friday said that it is of the opinion that the company's securities should not be suspended, because it"believes the group has the ability to continue as a going concern".
This was despite the fact that its audited financial statements for the fiscal year ended June 30, 2019 showed the group incurring a net loss of RM113.7 million . The statements also showed the group recording development properties amounting to RM400.7 million, representing the completed properties held for sale and future phases of land to be developed.
"Due to the slowdown in the property market in Malaysia, the group may not be able to generate sufficient operating cash flows for the next 12 months to cover its operating costs and settle its current liabilities," it said. "Notwithstanding the above, the financial statements have been prepared on a going concern basis. To support the financial statements having been prepared on going concern basis and to ensure the adequacy of funds required to meet the group's obligations and working capital needs, the group has prepared an 18-month consolidated cash flow forecast from July 1, 2019.
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