REPORTS REVIEWED QUARTERLY FINANCIAL STATEMENTS
PDI reported its reviewed quarterly financial statements as follows:
(in thousands)
Ending June 30
2nd quarter for 6 months
1994 1993 1994 1993
Net profit before gains (loss)
from subsidiaries' net profits
(loss) before dividend
appropriation 87,009 63,222 153,712 156,996
Less gains (loss) from
subsidiaries'net profits (loss)
before dividend appropriation (17,085) (37,375) (46,990) (74,746)
Net profit after gains (loss)
from subsidiaries' net profits
(loss) before dividend
appropriation 69,924 26,247 106,722 82,250
EPS after gains (loss)
from subsidiaries'net profits (loss)
before dividend appropriation 0.68 0.25 1.03 0.79
The auditor reported in his attached note that he had learned from the
company's management that a subsidiary scrapped its project in 1994 and
that PDI had not adjust down its investment in and advance payment to the
subsidiary. The total sum of the two items on the book is about Bt51.7
million and the PDI is expected to receive only Bt1.4 million back from the
subsidiary.
The management said the company will adjust down the investment and
advance payment figures after it reaches an agreement to dissolve the
subsidiary with other shareholders.
The failure to adjust down the figures is not in line with generally
accepted accountancy method, the auditor noted.
As a result of the pending issue, the total assets, the quarterly net
profit and the six-month net earnings shown in the financial statements
ending June 30, 1994 is about Bt50.3 million higher than it should be, he
added.
Translated by the Nati