Bintai Kinden's FY2025 financial statements deemed 'true and fair' by external auditor
In a statement today, Bintai Kinden said the assessment was made despite a technical qualification concerning figures from the previous year.
Bintai Kinden said the technical qualification stems from the auditors' inability to obtain sufficient evidence regarding opening balances for liabilities, trade receivables and contract assets from FY24.
As a result, the auditors could not determine whether adjustments were necessary to FY2025's profit or loss and retained earnings.
Crucially, the qualification does not relate to FY25 transactions, and the auditors confirmed the financial statements otherwise present a true and fair view of the group's current financial position.
Bintai Kinden reiterated that the issue raised pertains only to legacy balances and does not reflect any material misstatements relating to FY25's accounts.
The company has since undertaken corrective measures to enhance financial transparency and accountability.
Bintai Kinden managing director cum chief executive officer Datuk Tay Chor Han said while the audit qualification reflects a technical issue relating to past records, it does not take away from the progress the company made this year.
"Our focus remains on restoring profitability, strengthening governance, and regaining investor confidence," he added.
Bintai Kinden said it has already begun seeing the fruits of its restructuring.
As of June 30, 2025, the group's unbilled construction order book stood at RM128.61 million, providing strong earnings visibility.
The mechanical and electrical (M&E) division is also expected to contribute positively in the current year, following the resolution of a dispute with Tenaga Nasional Bhd.
With the regularisation plan fully implemented on May 21, 2025, and a clearer financial footing in FY25, the company is optimistic about being uplifted from PN17 status in the current financial year.
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