KUALA LUMPUR (Feb 2): Two months after it announced that it posted net profit of RM1.27 million for the quarter ended Sept 30, 2011, Hibiscus Petroleum Bhd clarified on Thursday it had instead posted losses.
In its amended financial statements, it said the net losses were due to the higher expenditure. It also said it posted net losses of RM13,000 in the quarter ended Sept 30, 2010 instead of a net profit of RM13,000.
For 2Q ended Sept 30, 2011, it said the group earned interest income of about RM2.3 million from its fixed deposits placements. The total expenditure incurred was RM3.4 million, resulting in net loss before taxation of RM1.2 million.
Out of the total expenditure incurred, RM1.30 million comprised of initial public offer and proposed qualifying acquisition costs, which were regarded as non-recurring costs.
In its amended financial statements, it said the net losses were due to the higher expenditure. It also said it posted net losses of RM13,000 in the quarter ended Sept 30, 2010 instead of a net profit of RM13,000.
For 2Q ended Sept 30, 2011, it said the group earned interest income of about RM2.3 million from its fixed deposits placements. The total expenditure incurred was RM3.4 million, resulting in net loss before taxation of RM1.2 million.
Out of the total expenditure incurred, RM1.30 million comprised of initial public offer and proposed qualifying acquisition costs, which were regarded as non-recurring costs.
