Cambodia Securities Exchange (CSX) listed, Grand Twins International (Cambodia) (GTI), has again announced the delay of its financial report for a second time. Stating the delay is due to the ongoing COVID-19 pandemic, according to an announcement filed to CSX.
The Taiwanese firm and the only stock exchange-listed garment factory, has announced the delayed first quarterly financial report now until August 10, 2020 – after its first delay set by June 30 expired last month.
The company said that the delays are because the company needs more time to comply with new standards of the International Financial Report Standard (IFRS), which requires an impact assessment of the COVID-19 pandemic.
“GTI would like to announce that we will extend the release of our 2020 first quarterly report to August 10, 2020,” the company said.
GTI said the delay is also due to the change of their independent audit firm before contract mandate, as their new auditor requires 30 to 45 days for its review and final interim report, for the first quarterly 2020.
In accordance with a Prakas on corporate governance for listed Company, the listed Public enterprise shall change professional accounting firm at every 5 years or less.
Grand Twins has cooperated with professional auditor Grant Thornton (Cambodia) limited over 3 years for its auditor firm and now has changed to the new professional audit firm, Crowe (KH) Co.,Ltd.
GTI posted a 42.06 percent increase in revenue last year to more than $169 million, according to its annual report. However, the company which supplies clothing to major companies such as Adidas saw a 4.22 percent drop in their net profit to $1.37 million over the same period.
Khmer Times spoke to the CSX on whether or not they would be penalties for the company if they continue to miss their deadline and was advised that the exchange was just bound to report their announcements and did not have the ability to issue fines for such breaches.
The company currently trades at 3,200 riels a share on the CSX issuing 40,000,000 shares on the exchange since 2014.