The auditors of beleaguered toy maker Funtastic have warned there is significant doubt that the company can continue as a going concern after it slumped to a bigger-than-expected annual loss.
Funtastic, which counts Harvey Norman executive chairman Gerry Harvey as one of its major shareholders, narrowed its net loss to $23.4 million for the year to July 31, compared with a loss of $52.8 million in the previous corresponding period.
But earnings before interest, tax, depreciation and amortisation from continuing operations slumped to a loss of $8.2 million, deeper than the loss of $5.5 million to $6 million forecast by the company on August 1.
The company blamed this on higher-than-expected writedowns associated…
Read the full article at: http://www.businessinsider.com.au/the-future-of-funtastic-is-doubtful-after-another-big-loss-2016-10
