LBS required to do limited review of results

KUALA LUMPUR: LBS Bina Group Bhd has been issued a public reprimand by Bursa Securities for a 39.4% deviation in its net profits from its unaudited and audited financial results for the financial year ended Dec 31, 2008.

The company is also required to carry out a limited review of its quarterly report submissions. The limited review must be performed by the company's external auditors for four quarterly reports commencing no later than the company's quarterly report for the financial period ended Dec 31.

According to an announcement on Bursa, all LBS directors and the relevant personnel of the company are required to attend a training programme in relation to compliance with the listing requirements, particularly pertaining to financial statements.

LBS Bina had reported an unaudited net profit of RM15.42 million in its 4Q financial year ended Dec 21, 2008 results. However, its audited results for the period was higher at RM21.5 million.

"The deviation is mainly due to the company's omission to credit the deferred tax liabilities arising from the revaluation of land into the income statement," the company stated.

LBS Bina had failed to adhere to paragraph 9.16(1)(a) of the listing requirements which states that a listed company must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.