KUALA LUMPUR (Oct 30): Kumpulan Jetson Bhd (KL:JETSON) has received a qualified audit opinion for its financial period ended June 30, 2026, as auditors could not verify certain figures after a fire destroyed the financial records of a former subsidiary.
In a Bursa filing on Friday, the group said auditors Kreston John & Gan were unable to obtain sufficient evidence to verify the financial records of GRP Sdn Bhd following a fire on Jan 29.
The auditors said they were also unable to verify the figures through alternative procedures, making it uncertain whether adjustments to the group's financial statements were necessary.
A qualified opinion means the auditors consider the financial statements generally reliable, except for specific matters they could not verify.
Kumpulan Jetson said the matter was unrelated to its ability to continue operating, as GRP had ceased to be its subsidiary following the completion of its disposal in May.
The group added that GRP's assets and liabilities were no longer included in its financial position as at June 30, while the proceeds from the disposal were supported by the relevant sale agreement and banking records.
To prevent similar incidents, Kumpulan Jetson said it had invested in an offsite system to back up the accounting records of companies within the group.
It expects the matter to be confined to the financial period ended June 30, 2026, with no impact on the coming financial year.
The fire broke out at two GRP factories in Port Klang, Selangor on Jan 29, as Kumpulan Jetson was in the process of disposing of the adhesives and sealants manufacturer.
The group had initially proposed selling GRP for RM14.8 million in January. However, that deal fell through, prompting Kumpulan Jetson to announce a separate RM15.8 million disposal of GRP Holdings Sdn Bhd, which owned GRP and a healthcare trading business, in April.
The disposal was part of the group's efforts to streamline its operations and focus on its core automotive anti-vibration components business.
Shares in Kumpulan Jetson declined half a sen or 6.7% to 7 sen at Friday's close, valuing the group at RM32.1 million.