SET Suspends THAI after Auditor Expresses No Conclusion on the Financial Statement
SET Suspends THAI after Auditor Expresses No Conclusion on Financial Statement due to the Uncertainty of the Ability to Continue as a Going Concern of Operations.
The Stock Exchange of Thailand (SET) posted a suspend and notice pending (SP and NP) signs on Thai Airways International Public Company Limited (THAI) on August 14, 2020, as the company’s auditor did not express conclusion on the financial statements ending March 31, 2020 and June 30, 2020, and the SEC may require the company to amend its financial statements.
In 1Q20, THAI reported a net loss of 22,676 million baht, while reporting a net loss of 5,340 million baht in 2Q20. Its shareholders’ equity contracted by 18,155 with liabilities of 18,155 million baht.
THAI’s auditor did not express a conclusion on the accompanying interim consolidated as at March 31, 2020 and June 30, 2020 of Thai due to uncertainty to the ability to continue as a going concern of THAI’s operations due to 1) Lack of liquidity, 2) Effect of Coronavirus Disease 2019 Pandemic to the operations of the Group, and 3) Entering into the rehabilitation process.
SET will lift the SP and NP signs on August 17, 2020.
