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Smile-Link Seeks Trading Suspension, Says Unable to Release Audited Statements Due to Outstanding Fee
KUALA LUMPUR (Oct 29): Smile-Link Healthcare Global Bhd (KL:SMILE) is seeking a temporary suspension of trading of its shares, on the same day it announced it is unable to meet the deadline to release its latest audited financial statements.
In its filing, the LEAP Market-listed dental outfit said it was seeking suspension in its trading to avoid speculative trading " pertaining to the performance of the company", following its loss-making results that was announced two months ago.
Smile-Link also explained that it would not be able to release the 18-month audited financial statements by the upcoming deadline on Wednesday (Oct 30), due to an outstanding audit fee of RM180,000.
According to the group, its auditor has requested 90% of the audit fee, totaling RM180,000, before releasing the financial results.
Smile-Link told Bursa Malaysia that it was unable to meet this request at this juncture. It, however, did not elaborate on the reason for not doing so.
“The company shall provide notice to Bursa upon the time mature for the trading,” it added.
The group posted a net loss of RM4.17 million in its six months ended June, which dragged its entire 18-month performance to a net loss of RM4.04 million.
This was due to increase in costs, from dental products to imported materials, overhead and logistics, as well as restructuring and upkeep costs involving its dental clinics, its filing showed.
Revenue in its latest six months amounted to RM14.31 million, bringing the 18-month period top line to RM49.66 million.
Following the dismal results, Smile-Link explained that it was currently restructuring and relocating its unprofitable clinics, while flagging manpower costs increases.
Smile-Link is present in eight states — Kedah, Penang, Selangor, Negeri Sembilan, Melaka, Johor, Sarawak and Kuala Lumpur, with a total of 56 dental clinics and one dental centre.
Shares Smile-Link last traded at 15.5 sen on Monday, giving it a market capitalisation of RM37.7 million.
Source: TheEdge - 30 Oct 2024
In its filing, the LEAP Market-listed dental outfit said it was seeking suspension in its trading to avoid speculative trading " pertaining to the performance of the company", following its loss-making results that was announced two months ago.
Smile-Link also explained that it would not be able to release the 18-month audited financial statements by the upcoming deadline on Wednesday (Oct 30), due to an outstanding audit fee of RM180,000.
According to the group, its auditor has requested 90% of the audit fee, totaling RM180,000, before releasing the financial results.
Smile-Link told Bursa Malaysia that it was unable to meet this request at this juncture. It, however, did not elaborate on the reason for not doing so.
“The company shall provide notice to Bursa upon the time mature for the trading,” it added.
The group posted a net loss of RM4.17 million in its six months ended June, which dragged its entire 18-month performance to a net loss of RM4.04 million.
This was due to increase in costs, from dental products to imported materials, overhead and logistics, as well as restructuring and upkeep costs involving its dental clinics, its filing showed.
Revenue in its latest six months amounted to RM14.31 million, bringing the 18-month period top line to RM49.66 million.
Following the dismal results, Smile-Link explained that it was currently restructuring and relocating its unprofitable clinics, while flagging manpower costs increases.
Smile-Link is present in eight states — Kedah, Penang, Selangor, Negeri Sembilan, Melaka, Johor, Sarawak and Kuala Lumpur, with a total of 56 dental clinics and one dental centre.
Shares Smile-Link last traded at 15.5 sen on Monday, giving it a market capitalisation of RM37.7 million.
Source: TheEdge - 30 Oct 2024
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