Marawila Resorts PLC incurred big losses during the 2008/09 financial year which the company's auditors, KPMG Ford, Rhodes, Thornton & Co., feel raises substantial doubt that it will be able to continue operations.
The auditors review in the Annual Report stated that Marawila reported a net loss of Rs.46 million during the year under review and that the accumulated losses amounted to Rs.828.8 million due to continuous losses incurred. Further, the auditors review states that the current liabilities of the company exceeded the current assets by Rs.137.9 million as at the reporting date.
The auditors report also states that the company had not settled statutory payments and the penalties arising thereon. Delay in settlement of these statutory payments could result in additional penalties and other legal implications. |
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