KUALA LUMPUR (Oct 30): PricewaterhouseCoopers PLT (PwC) has retired as auditor for Pintaras Jaya Bhd as both parties were unable to reach a resolution on audit fees for the next financial year.

In a Bursa Malaysia filing on Monday, the piling and foundation specialists said that the retirement of PWC was due “to a disagreement regarding the fees associated with conducting the audit for the next financial year”.

The retirement of PWC was effective on Oct 20 after the conclusion of the group’s 34th annual general meeting (AGM) on the same day.

The group said that it is currently in the process of identifying a suitable audit firm to be appointed as its new auditors as soon as possible.

For the financial year ended June 30, 2023 (FY2022), Pintaras said its auditors’ remuneration for the group was RM511,180, while it was RM75,000 for the company.

Pintaras posted a net loss of RM2.12 million in FY2023, against a net profit of RM41.2 million, while revenue fell 24.84% to RM333.08 million from RM443.14 million, mainly due to lower contribution from the group’s construction and manufacturing divisions.

At noon close, shares in Pintaras, which fell 22.06% year-to-date, were unchanged at RM1.59, valuing the group at RM263.72 million.