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New Straits Times
31-07-2025
- Business
- New Straits Times
Bintai Kinden's FY2025 financial statements deemed 'true and fair' by external auditor
KUALA LUMPUR: Bintai Kinden Corp Bhd says its audited financial statements for the financial year ended March 31, 2025 (FY25) have been deemed true and fair by its external auditors HLB Ler Lum Chew PLT. 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.
The Star
31-07-2025
- Business
- The Star
Bintai Kinden FY25 accounts deemed true and fair despite legacy qualification
Bintai Kinden managing director and chief executive officer Datuk Tay Chor Han. KUALA LUMPUR: Bintai Kinden Corp Bhd said its audited financial statements for the financial year ended March 31, 2025 (FY25) have been deemed true and fair in all material respects by external auditors HLB Ler Lum Chew PLT. In a statement, the mechanical and electrical (M&E) engineering services specialist said the qualification arose from the auditors' inability to obtain sufficient evidence on 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 said. It said the issue relates only to legacy balances and does not involve any material misstatements in FY25's accounts. The group has taken corrective steps to improve financial transparency and accountability. For FY25, Bintai Kinden posted revenue of RM25.29mil, down 31.3% from RM36.79mil in FY24, mainly due to the termination of ten contracts in the M&E segment last year. Bintai Kinden noted that while several new projects were secured during FY25, most remained in early mobilisation stages at year-end, limiting revenue recognition. The group reported a loss before tax of RM31.97mil, compared to a profit of RM5.17mil in the previous year, mainly due to lower revenue and several one-off items. Despite the loss, Bintai Kinden said its financial position improved from FY24, with net current assets of RM9.11mil as at March 31, 2025. The improvement followed steps to strengthen its finances, including a private placement, bank facility restructuring, and tighter cash flow management. 'While the audit qualification reflects a technical issue relating to past records, it does not take away from the progress we've made this year. 'Our focus remains on restoring profitability, strengthening governance, and regaining investor confidence,' managing director cum CEO Datuk Tay Chor Han said. Bintai Kinden has already begun seeing the fruits of its restructuring. As of June 30, the group's unbilled construction order book stood at RM128.61mil, providing strong earnings visibility. The M&E division is also expected to contribute positively in the current year, following the resolution of a dispute with Tenaga Nasional Bhd . The group, having fully implemented its Regularisation Plan on May 21 and strengthened its financial footing in FY25, is optimistic about being uplifted from PN17 status within the current financial year.
The Sun
25-05-2025
- Business
- The Sun
Bintai Kinden completes regularisation, lays foundation for future growthj
PETALING JAYA: Bintai Kinden Corporation Bhd, a mechanical and electrical (M&E) engineering services specialist, construction contractor, medical device manufacturer and facilities operator, has announced its financial results for the fourth quarter and the financial year ended March 31, 2025, alongside the successful completion of its proposed regularisation plan, a significant milestone towards the company's recovery and future growth. For Q4'25, Bintai Kinden posted revenue of RM7.52 million, compared to RM7.63 million in Q4'24, primarily due to a decline in contributions from the M&E engineering segment following the termination of several legacy contracts. The construction segment, which has been reclassified in line with the company's strategic diversification, contributed RM2.5 million or 33.2% to total revenue. The concession segment remained a stable revenue base, contributing RM3.55 million for the quarter. The group said it remained focused on reinforcing its operational foundations and implementing strategic improvements to support long-term sustainability. However, for Q4'25, the group recorded a loss before tax of RM31.55 million, in contrast to a profit before tax of RM10.85 million in the previous financial year. The loss was primarily driven by a combination of elevated expected credit losses and several significant non-recurring items. These included a substantial provision for back-charges arising from the termination of previously awarded contracts, the reversal of a profit guarantee, and the recognition of fair value expenses related to share options granted to a director. While these one-off items have had a material impact on Bintai Kinden's financial performance for the year, they are not expected to persist in future periods. The group continues to take decisive steps to mitigate risk exposures, improve financial discipline, and restore profitability through enhanced operational efficiency and better cost management. Managing director cum CEO Datuk Tay Chor Han said, 'FY2025 has been a year of strategic reset for the group. While our financial performance reflects the challenging transition period, we are encouraged by the progress made in our diversification into the construction segment, and the continued stability of our concession business. Most importantly, the successful completion of our proposed regularisation plan lays a solid foundation for recovery. With improved financial discipline, a leaner capital structure, and stronger shareholder support, we are well-positioned to pursue our growth agenda moving forward.' The company confirmed the completion of its proposed regularisation plan. Following the successful listing of new placement shares on March 24 and the receipt of confirmation from the Companies Commission of Malaysia dated May 21 on the effectiveness of the proposed share capital reduction, Bintai Kinden's regularisation efforts are now deemed completed. This marks a critical step towards its eventual upliftment from Practice Note 17 status, subject to further regulatory review. Looking ahead, Bintai Kinden will continue to focus on project execution, strategic tendering, and disciplined cost management. With a construction order book of about RM127.3 million, M&E order book of about RM4.5 million and RM181.8 million worth of M&E-related tenders under evaluation, Bintai Kinden said it is poised to strengthen its position in Malaysia's recovering construction and engineering sectors.
