Transmile Restates 2006 Pre-tax profit As A Loss

KUALA LUMPUR, July 2 (Bernama) -- Air cargo service provider Transmile Group Bhd today restated that for financial year 2006 it made a pre-tax loss of RM124.68 million rather than the profit of RM157.53 million it had reported earlier.In its restated audited account released today, it revealed that Transmile also booked a loss of RM416.996 million in 2005 instead of the unaudited profit of RM84.386 million.The audited financial statements showed that Transmile posted a revenue of RM655.831 million in financial year 2006 instead of RM989.191 million.Revenue in 2005 was reduced to RM356.379 million from an unaudited RM550.078 million.Transmile shares were suspended today and will resume trading tomorrow.The shares were last traded at RM4.54.Transmile's accounting woes came to light on May 7 when it announced it failed to meet the deadline to submit the audited financial statements for 2006.Transmile had lodged police reports over what it said were false statements in its various accounts since 2004.The company also announced a special audit on its associated company CEN Sdn Bhd's subsidiary, CEN Worldwide Sdn Bhd, while Transmile Group founder and chief executive officer Gan Boon Aun resigned.