KUALA LUMPUR (Nov 13): PUC Bhd (KL:PUC) said its external auditor Messrs UHY had expressed a qualified opinion on its audited financial statements for the 18 months ended June 30, 2024 (from Jan 1, 2023 to June 30, 2024).

This came as the external auditor could not find sufficient and appropriate evidence to verify the carrying amount of the group's investment in Pictureworks International Holdings Ltd and its subsidiaries (PW Group), as well as the share of PW Group's loss after taxation for the financial period, PUC said in a bourse filing on Wednesday.

This is because the auditor could not obtain access to the financial information from auditors of PW Group within the audit period. Consequently, it was unable to determine whether any adjustments might have been found necessary to these balances.

Based on the equity method, UHY said PUC’s investment in PW Group had a carrying amount of RM28.59 million on its consolidated financial position, with the group's share of PW Group's loss after tax amounting to RM1.78 million.

In response, PUC said it would work closely with UHY to follow up to obtain clearance from PW Group’s auditors on the audited statements, expected to be completed within financial year ended June 30, 2025.

PUC’s shares closed half sen or 14.3% higher at four sen, giving it a market capitalisation of RM108.89 million.