KUALA LUMPUR (Sept 19): EcoFirst Consolidated Bhd said it has been sued by the Inland Revenue Board, on behalf of the government, over some RM35.47 million in additional tax and penalty the latter is claiming for.
In a statement to Bursa Malaysia today, EcoFirst said IRB had raised additional income tax assessment amounting to RM30.71 million to its wholly owned unit Pujian Development Sdn Bhd (PDSB) for the assessment year 2004.
PDSB disagreed on the basis of the assessment and appealed to the IRB, who forwarded the appeal form to the Special Commissioners of Income Tax (SCIT), which then instructed both parties to attend a hearing on July 23 and 24, 2019.
"PDSB has not paid the additional assessment pending the outcome from the SCIT and hence a tax penalty of 10% amounting to RM3.07 million was imposed on the outstanding additional assessment," EcoFirst said.
It said the additional assessment and tax penalty remained outstanding after 60 days from the payment deadline. As such, it said a tax penalty of 5% amounting to RM1.69 million was imposed.
Hence, in IRB's writ of summon and statement of claim against PDSB, IRB is claiming for RM35.47 million, an interest of 5% per annum on the sum from the date of judgment until the date of realisation, costs, and whatever other reliefs the court deems fit.
"Upon consulting its solicitors, PDSB is of the view that there are reasonable grounds to challenge the claims. In this regard, at this juncture, the company is not able to ascertain the financial impact arising from the claims.
"The claims, however, are not expected to have any material operational impact on the EcoFirst Group," said EcoFirst.
It added that the court has fixed the suit for case management on Oct 5, 2017 and that the company is currently seeking the advice of its solicitors to handle the matter. "Any further material development of the above matter will be announced in due course."
At 16.02pm, shares in EcoFirst were down one sen or 3.39% to 28.5 sen for a market capitalisation of RM228.9 million.
agreed with Kai Loon its tough time , if for long term this case maybe is good to hold lower prices. Business still there and keep going. I am waiting haha.
Ecoworld has a P/E of 19.83 but this counter only has P/E of 15.17
Yet you cannot merely compare P/E as Ecofirs is just started to earn profit and incur quite a lot of costs in the past few quarters. Especially it will receive money for the next few quarters from its Sales of condominium in Damansara, Disposal of mall in Segamat, Rental income, Revenue from Upper East and ultimately, the highest earning from Liberty Projects.
If you consider all the other factors I may have a P/E of less than 10 now. Perhaps 8 or 9.
05-Oct-2017 Insider DATO TEOH SENG KIAN (a substantial shareholder) acquired 140,000 shares on 04-Oct-2017. 05-Oct-2017 Insider DATO TEOH SENG KIAN (a company director) acquired 140,000 shares at 0.299 on 04-Oct-2017. 04-Oct-2017 Insider DATO TEOH SENG KIAN (a substantial shareholder) acquired 348,000 shares on 03-Oct-2017. 04-Oct-2017 Insider DATO TEOH SENG KIAN (a company director) acquired 348,000 shares at 0.296 on 03-Oct-2017.
4Q PROFITS AT RM7.8M WAS VERY GOOD (AGST PRECEDING CORRESPONDING Q OF ONLY RM0.57M). POSITIVE PROFIT GROWTH MOMEMTUM MEANS THE 1Q PROFIT TO BE ANNOUNCED SOON WILL BE GOOD.
UNCERTAINTIES IN ITS PROSPECTS/OUTLOOK ======================================= 1) 1Q PROFIT OF RM3.6M WAS 54% LOWER COMPARED TO ITS PRECEDING Q (4Q ) 2) EcoFirst Consolidated Bhd has been charged by the Inland Revenue Board of some RM35.5 mln in additional tax and penalty. The latter had raised additional income tax assessment amounting to RM30.7 mln for its unit Pujian Development Sdn Bhd (PDSB) for assessment year 2004. The amount involved is large
darrenliew 4Q PROFITS AT RM7.8M WAS VERY GOOD (AGST PRECEDING CORRESPONDING Q OF ONLY RM0.57M). POSITIVE PROFIT GROWTH MOMEMTUM MEANS THE 1Q PROFIT TO BE ANNOUNCED SOON WILL BE GOOD. 27/10/2017 10:16
Few days ago darrenliew is a supporter but now he accuses ecofirs this and that. Fxck You La darrenliew What is your intention everyone knows
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
pang651
9 posts
Posted by pang651 > 2017-09-17 10:47 | Report Abuse
Any idea when will shoot up?