Megan Media posts RM1.14b net loss in 4Q

Posted on the Edge. 02-07-2007: Megan Media posts RM1.14b net loss in 4Q

• Megan Media Holdings Bhd, which reported accounting fraud at its subsidiary, posted a whopping net loss of RM1.14 billion for the fourth quarter ended April 30, 2007, according to the unaudited results released on July 2.
  
  For the full year ended April 30, 2007, the net loss was RM1.26 billion compared with RM60.23 million net profit in FY ended April 30, 2006.
  
  The company said the 4Q results had been approved by the board of directors.
  
  “The company (Megan Media) wishes to reiterate that further to previous announcements, the investigation work into the fraud and irregularities is still ongoing. The Company's current annual audit is also in progress,” it said.
  
  On June 11, Megan Media announced accounting misstatements in its books going back to its 2005 financial year, when its trade receivables were first inflated. The accounting fraud was at its subsidiary, Memory Tech Sdn Bhd.

Quarterly rpt on consolidated results for the financial period ended 30/4/2007

Notes:

1. Trade receivables is now at 13.601 mil.

2. Net debts is now 597.607 mil

3. Net liability per share is now 3.92!!!!