Nam Cheong’s auditors cast doubt on company’s ability to continue as going concern

SINGAPORE (March 17): The independent auditors of Nam Cheong have issued a report indicating the existence of a material uncertainty exists that may cast doubt on company’s ability to continue as going concern.

In a filing on Friday night, Nam Cheong announced BDO LLP, the independent auditors of offshore support vessels builder, have included an emphasis of matter with respect to material uncertainty related to going concern in their report related to the FY16 financial statements.

The auditors pointed out that for the financial year ended Dec 31 2016, the group posted a significant decrease in revenue and incurred a net loss of RM42.8 million ($13.5 million).

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