TA Corporation Discloses Significant Adjustments Between FY2024 Unaudited and Audited Financials
Summary:
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TA Corporation reported material variances between its unaudited and audited FY2024 financial statements, primarily due to reclassifications, reversals, and additional provisions.
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The most significant adjustment was a drop in other income from S$17.0M to S$4.0M, driven by reversal of improperly classified gains and reallocation of revenue and rental income.
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A previously omitted profit from discontinued operations of S$716K related to the sale of Aston Air Control Pte Ltd was recognized in the audited accounts.
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The Group made a provision of S$11.3M for corporate guarantees tied to novated bank debts of Tiong Aik Construction Pte Ltd, now assumed by a subsidiary, Sino Holdings.
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Other operating expenses decreased by S$9.2M, largely due to the reversal of a fair value loss and multiple cost reallocations to general and administrative expenses.
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On the balance sheet, provisions surged to S$39.99M (from S$41K), while current liabilities dropped due to reclassification. Accumulated losses widened by S$9.6M.
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Cash flow from investing and financing activities showed large shifts, with net cash from investing reduced by S$27.9M, mainly due to reclassifications and adjustments.