Swang Chai Chuan Corrects Financial Statement Error

Swang Chai Chuan Limited (HK:2321) has released an update.

Swang Chai Chuan Limited has issued a clarification announcement to address an error in its previously released interim financial statements for the first half of 2024. The company noted an issue with the migration of general ledger codes to a new accounting system, which led to the misstatement of property, plant, and equipment balances as right-of-use assets. The management has since rectified the error and confirmed that the figures in the financial statements have been correctly adjusted and the incident is not expected to recur.

For further insights into HK:2321 stock, check out TipRanks’ Stock Analysis page.