KUALA LUMPUR, Dec 29 — Myemail provider Tricubes Bhd has revealed it actually lost RM17.2 million in the last financial year and not RM7.3 million as stated in its annual report.
In a filing to Bursa Malaysia today, the ACE-listed company said the mistake was due to “typo errors” on pages 49, 61 and 98 of the annual report for the financial year ended March 31.
The announcement follows an audit of the 2011 report which was submitted to Bursa Malaysia on September 7.
“These conditions indicate the existence of material uncertainties which may cast doubt on the group’s and the company’s ability to continue as a going concern,” the audited report said.
“The ability of the group and the company to continue as going concerns depends upon the continuation of securing of the contracts and support of bankers, creditors and shareholders.”
It added that while Tricubes has secured several contracts, the company’s ability to obtain new ones with government agencies and commercial banks could not be determined with a high degree of certainty at this point in time.
Tricubes, which describes itself as “the market leader in Malaysia in identity verification”, reported a loss of RM1.87 million for the quarter ended September.
In April, it was tapped to develop the 1 Malaysia email project, or myemail, which is expected to save the federal government RM200 million over 10 years by halving the cost of sending official correspondence to 50 sen each.
While basic email is free for Malaysians above the age of 18, users will have to pay for premium services such as end-to-end encryption and push billing services.
Tricubes chief executive Khairun Zainal Mokhtar admitted at a press briefing in April that the controversial RM50 million myemail project was a financial lifeline for the technology company.
The company aims to sign up 5.4 million users by year-end but has so far only managed to register several thousand, most of whom were ported over from trial accounts.
Tricubes was also appointed the traffic fines collection agent by the police last month.
It was previously reported that Tricubes had also approached three other government agencies to use its push billing email system and will begin pilot trials soon.
The agencies are Kuala Lumpur City Hall, Road Transport Department and the Employees Provident Fund.
Critics have questioned the need for the service, pointing out that companies such as Google, Microsoft and Yahoo! already provide free and secure web-based email accounts.
Detractors also questioned why loss-making Tricubes, working in collaboration with Hotmail service owner Microsoft Corp, was chosen to spearhead the project.
