Telecom equipment developer Arasor (ASX:ARR) has at long last published its audited results for 2008.
The long-awaited report shows that losses widened 910% during the year to $144,335, and revenue fell 28% to just $18,187.
But auditor Grant Thornton said it was unable to affirm that the company report complies with the legally-required standards set down in the Corporations Act.
The financial records of US operations which were shut down in March last year have not been kept up to date, which could have a material effect on future performance, Grant Thornton said.
“Because of the existence of the limitation on the scope of our work… we are unable to and do not express an opinion as to whether the [report] is in accordance with the Act,” the auditors added.
Arasor said it hoped to be ready to finish both the reports for the half-year to June 2009, and for the full year, by 30 June this year.