Philippine Air’s parent halted from trading after audit report

Bloomberg

Shares of Philippine Airlines’s parent company were suspended from trading after its auditor issued a disclaimer of opinion on its annual report.
The Philippine stock exchange suspended trading of PAL Holdings Inc shares from 9:30 am, extending a halt imposed when the company submitted its annual report that showed it posting a record loss in 2020 due to the “extraordinary” impact of the pandemic.
The bourse said the report isn’t compliant with the Securities Regulation Code, citing accounting firm SyCip Gorres Velayo & Co’s disclaimer opinion that it’s unable to obtain “sufficient appropriate” audit evidence for an opinion on PAL’s financial statement.
Officials of PAL Holdings and Philippine Air weren’t available to comment. PAL Holdings reported a record $1.48 billion loss in 2020, compared to a 10.3 billion peso shortfall the year before, the company said.