Power-P suspension continues
The Stock Exchange of Thailand (SET) has continued its suspension of Power-P shares from trading after auditors gave an adverse opinion that reviewed and audited financial statements did not present the company's financial situation fairly.
The SET's action came after Power-P submitted its statements for the third quarter and the full year 2006, as required by the bourse and its auditors, saying that the statements failed to comply with generally accepted accounting principles."The SET, therefore, continues to post an 'SP' [Suspension] sign to suspend trading on securities of Power-P until the company has the opportunity to submit its amended financial statements or the Securities and Exchange Commission concludes that it will not be necessary to amend its financial statements," the SET said. Power-P yesterday reported its consolidated net loss had narrowed from Bt50.35 million in 2005 to Bt18.1 million last year. Its revenues amounted to Bt241.22 million, down from Bt256.95 million. The company said its improved situation could be ascribed to a decline in service costs, depreciation of fixed assets and gains on disposal of fixed assets by transfer to banks to settle debts. Reviewed consolidated earnings for last year's third quarter swung back to a net loss of Bt50.71 million, from a net profit of Bt4.81 million the year before. For the first nine months, the firm recorded a reviewed consolidated net loss of Bt72.18 million, against a net profit of Bt27.87 million a year earlier.
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