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DBS suspends coverage of Y Ventures after restatement of 1H18 results on admin errors; Group now expects FY18 loss

PC Lee
PC Lee1/28/2019 3:32 PM GMT+08  • 3 min read
DBS suspends coverage of Y Ventures after restatement of 1H18 results on admin errors; Group now expects FY18 loss
SINGAPORE (Jan 28): DBS Group Research is suspending coverage of Y Ventures Group until a sustainable improvement in revenue and earnings can be delivered.
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SINGAPORE (Jan 28): DBS Group Research is suspending coverage of Y Ventures Group until a sustainable improvement in revenue and earnings can be delivered.

In a filing on Jan 21, Y Ventures reported it had made certain inadvertent administrative errors in the 1H18 results that was published in August 2018.

The administrative lapses were mainly related to overstatement of “Inventories”, “Property, plant and equipment” and “Revenue” and understatement of “Trade and other receivables”, “Cost of sales” and Administrative expenses” as at 30 Jun 2018.

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