Boral (ASX:BLD) identifies financial irregularities in its US windows business

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06Dec

Boral (ASX:BLD) identifies financial irregularities in its US windows business

 

Boral (ASX:BLD) has identified certain financial irregularities in its North American Windows business.

This involves misreporting in relation to inventory levels and raw material and labour costs at their Windows plants.

Based on information currently available, it is estimated the irregularities relating to the period between September 2018 and October 2019 will result in a one-off impact on earnings before interest, tax, depreciation and amortisation (EBITDA) in the order of US$20 million to US$30 million.

The investigation is ongoing.

Shares in Boral (ASX:BLD) closed 1.65 per cent higher at $4.92 yesterday.
 
Copyright 2019 – Finance News Network


Source: Finance News Network

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