Transmile fails to disclose first quarter results on time

TRANSMILE Group, a Malaysian air cargo carrier, has informed the stock exchange that it will be unable to release its first quarter results ended March by May 31 as required under listing requirements.

"Transmile is in the midst of finalising the first quarter results and will endeavour to announce ...the results by August 15," it said in a stock exchange filing, reports Thomson Financial.

The company said that the first quarter results are not yet ready, maintaining the results for its financial year ended December 31 2006 "could not be finalised until June 29 2007".

Transmile had earlier in mid-May applied for an extension of time for submission of the first quarter results. However, its request was turned down by the stock exchange two weeks later.

At the same time, Transmile said its 2006 annual report would not be completed by June 30.

"Transmile shall endeavour to despatch the Annual Report 2006 to all its shareholders at least 21 days before the AGM (annual general meeting) which shall be held not later than September 12 2007," it said in a separate filing.

Malaysia's Securities Commission was reported to have recently charged three directors of the airfreight company for providing misleading information pertaining to the company's financial statements for 2006.