Posted on October 14, 2021
ASL benefited from loan principal repayment deferrals from its lenders, and its founder stated:
“We will strive to overcome the challenges and believe that the years to come will get better.”
ANG SIN LIU – Founder and Advisor
DredgeWire observed that revenues in the segment including Vosta actually rose by 10%.
ASL’s auditors Ernst & Young stated:
Material uncertainty related to going concern
We draw attention to Note 2.1 to the financial statements. The Group incurred loss after tax of S$36,899,000 for the financial year ended 30 June 2021 and as at that date, the Group’s current liabilities exceeded its current assets by $609,000. As at 30 June 2021, the Group’s and the Company’s total borrowings amounted to $328,625,000 and $171,057,000 of which $43,611,000 and $10,436,000 were classified as current liabilities respectively and exceed the Group’s cash and cash equivalents as at 30 June 2021. These factors indicate the existence of a material uncertainty which may cast significant doubt on the ability of the Group and the Company to continue as going concern. As disclosed further in that Note, the ability of the Group and the Company to continue as going concern is dependent on the ability of the Group to generate sufficient cash flows from operations and receive continued support from the lenders.