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Avillion Bhd’s (KL) external auditor has expressed material uncertainty about the hotel and travel company’s ability to continue as a going concern.
Messrs Baker Tilly Monteiro Heng PLT highlighted a net loss of RM5.55 million at the group level and RM6.81 million at the company level for the financial year ended March 31, 2024 (FY2024), despite Avillion’s hospitality and travel businesses operating at full capacity. This situation indicates “the existence of a material uncertainty which may cast significant doubt about the group’s and the company’s ability to continue as a going concern,” according to the auditor. However, the auditor clarified that “our opinion is not modified in respect of this matter.”
Going Concern Explained:
- “Going concern” is an auditing term that indicates a company has sufficient resources to continue operating in the foreseeable future. An auditor may issue a going concern warning if there are significant doubts about the company’s ability to continue operations.
Avillion’s Business and Challenges:
- Avillion is primarily known for its luxury hotels and resorts in Port Dickson, Melaka, Kuang, Janda Baik, Kuala Lumpur, and Bali. The company also has travel and property development businesses.
- The company’s ability to continue as a going concern depends on improving the occupancy and revenue of its hotel division and disposing of low- or non-yielding land bank.
- The auditor warned that failure to achieve these objectives may prevent the group and the company from realizing their assets and discharging their liabilities in the normal course of business.
Company Response:
- Avillion stated that the preparation of financial statements on a going concern basis remains appropriate, as business operations are gradually returning to pre-pandemic levels.
Historical Context:
- This is not the first time Baker Tilly has raised doubts about Avillion’s prospects. Similar concerns were noted in July 2023 and July 2022.
- The largest shareholder, Datuk Md Wira Dani Abdul Daim, holds a 21.82% stake. He was listed among the assets in the Malaysian Anti-Corruption Commission’s (MACC) charge sheet against Daim, accused of failing to declare his assets.
Financial Performance:
- Avillion has been incurring losses since FY2016. For FY2024, it widened its net loss to RM5.9 million from RM4.76 million a year earlier.
- As of March 2024, Avillion’s total borrowings amounted to RM83.53 million, with RM36.6 million being short-term borrowings.
Stock Performance:
- Shares of Avillion were unchanged at 5.5 sen on Wednesday, giving it a market capitalization of RM62.33 million.
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