Thursday, October 12, 2006

Stock News: Bio-Treat restates 2006 revenue due to accounting error

Bio-Treat technology Ltd said because of an accounting error there are "material differences in the revenue and cost of sales items in its unaudited year to June 2006 financial statement and those in its audited financial report for the year, and it is restating the figures. The revenue and cost of sales items in the audited financial statement were stated as 1.56 bln yuan and 1.03 bln yuan respectively, higher than the 1.46 bln yuan and 934.3 mln yuan stated in the unaudited statement, Bio-Treat said. The correct figures were those contained in the audited statement, it said. The company said these differences arose because of a classification error. The error was discovered after the unaudited financial statements were released in August. "The company wishes to assure shareholders that this error in classification is a one-off event," Bio-Treat said in a statement."The group has tightened its accounts department internal control procedures to prevent such incidents from recurring in the future," it added.

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