Spanish carbon fibre manufacturer Carbures restated its 2014 first-half results late on Friday and said it expects to report a full-year loss after a full audit halved its sales figures for the first six months of the year. Carbures, which requested the suspension of its shares from Madrid's alternative stock exchange (MAB) in October to address questions raised by auditor Pricewaterho-useCoopers (PWC), said it expects to book a 9.1 million euro ($11 million) loss for the full year, compared with a 1.7 billion euro profit in 2013.
The company set out plans in July to leave the MAB, the disclosure requirements of which are less stringent than those for Spain's main bourse, after investor confidence in the junior market was shaken by admissions of false accounting by wireless provider Gowex. The restated first-half sales were 20.2 million euros, against the originally reported 41.9 million euros. After the audit the company booked a loss of 6.1 million euros for the first half of the year.
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