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Online travel agent Asiatravel.com and its subsidiaries may have their licences suspended by the Singapore Tourism Board (STB), after the company's auditor flagged concerns about its "ability to continue as a going concern" due to its losses and liabilities.
Auditor Ernst and Young noted that Asiatravel.com incurred a net loss of S$34.6 million for its 2017 financial year. The group's liabilities also exceeded their assets by S$11 million as of end last year.
Meanwhile, the group's controlling shareholder also missed a scheduled payment deadline to provide S$7.35 million in funding to Asiatravel.com by Jun 30, which is "critical to the group’s continuing operations and payment of its debt".
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Asiatravel.com and subsidiaries may have licences suspended
Auditor Ernst and Young noted that Asiatravel.com incurred a net loss of S$34.6 million for its 2017 financial year. The group's liabilities also exceeded their assets by S$11 million as of end last year.
Meanwhile, the group's controlling shareholder also missed a scheduled payment deadline to provide S$7.35 million in funding to Asiatravel.com by Jun 30, which is "critical to the group’s continuing operations and payment of its debt".
More at
Asiatravel.com and subsidiaries may have licences suspended
