Fire-damaged records lead to qualified audit opinion for Kumpulan Jetson
Auditors could not verify figures relating to former subsidiary GRP, but the group expects no effect on the coming financial year.
Kumpulan Jetson Bhd's accounts for the period to June 30, 2026 received a qualified audit opinion after a fire left auditors unable to check certain figures involving its former subsidiary, GRP Sdn Bhd.
The group told Bursa that Kreston John & Gan could not gather adequate evidence following the destruction of GRP's financial records on Jan 29. Other audit procedures did not establish the figures either, so the auditors could not determine whether the accounts required adjustments.
Kumpulan Jetson said the qualification did not relate to its ability to remain in operation. It completed GRP's disposal in May and excluded that company's assets and liabilities from its financial position at June 30. Documentation for the sale and bank records substantiated the disposal proceeds, it added.
The group said it had put money into an offsite backup system for its companies' accounting records. It anticipates that the issue will be limited to the period under review, with the coming financial year unaffected.
The Jan 29 blaze struck two factories operated by GRP in Port Klang, Selangor, during efforts to sell the adhesives and sealants manufacturer. A January proposal to sell GRP for RM14.8 million did not proceed. In April, Kumpulan Jetson announced another transaction: the RM15.8 million disposal of GRP Holdings Sdn Bhd, owner of GRP and a healthcare trading business.
The group linked the disposal to simplifying its operations and concentrating on automotive anti-vibration components. Kumpulan Jetson shares ended Friday at 7 sen after falling half a sen or 6.7%, putting its market value at RM32.1 million.
