KUALA LUMPUR (Nov 14): Pan Malaysia Corp Bhd (KL:PMCORP) disclosed that its audited net loss for the year ended June 30, 2024 (FY2024) was larger than previously reported in the unaudited statement.

The audited net loss for FY2024 amounted to RM96.95 million, wider than the RM87.05 million loss reported in unaudited results, according to an exchange filing.

The deviation was mainly due to a negative adjustment of RM4.44 million to account for the additional 49% stake in A&W (Malaysia) Sdn Bhd. The company fully owns the local franchisee of the fast food chain mostly known for its rootbeer and burgers after completing the acquisition for RM41.67 million in April.    

Additionally, an impairment of RM3.31 million was recorded on other investments related to the 15% equity interest in Network Foods International Ltd, Pan Malaysia Corp said. The company sold 85% stake in the loss-making chocolate manufacturer in April.

Pan Malaysia Corp and its subsidiaries were mainly engaged in the manufacturing, export, marketing and distribution of chocolates and confectionery before diversifying into fast food business with the acquisition of A&W franchise in Malaysia.

Shares of Pan Malaysia Corp, which have fallen by 30% since the beginning of the year, were trading flat at 14 sen on Thursday, giving the company a market capitalisation of RM128.25 million.