SGX wants YuuZoo to explain some FY2017 figures

The bourse regulator has demanded that online media company YuuZoo Corporation explain some of the figures in its full-year results announcement and correct errors.

Singapore Exchange (SGX) notices were issued yesterday afternoon - just two days before the company is to hold a shareholder dialogue with its chairman and senior management.

The SGX pointed to "a number of errors" in YuuZoo's unaudited results announcement from March 1 and asked for amendments to be made and marked.

It also asked the company to account for certain financial figures, such as a year-on-year decline in group revenue, for the year to Dec 31, 2017.

The notice of compliance flagged an "other income" amount of $8 million in the fourth quarter, as well as an increase of assets available for sale to $54.2 million and a corresponding sum of $38.4 million recognised in revenue.

YuuZoo must engage its statutory auditors to provide an opinion on the "veracity and reasonableness" of those items. The opinion must be released by March 19.

"Failure to comply... shall be deemed to be a contravention of the listing rules," said the notice.

YuuZoo, which listed on the mainboard in 2014 after a reverse takeover of W Corporation, has until Friday to respond to the queries.

The company has scheduled a dialogue tomorrow involving YuuZoo chairman Thomas Zilliacus.

YuuZoo shares closed down 8.7 per cent at 4.2 cents yesterday. - THE STRAITS TIMES