Downer says it overstated earnings by as much as $40m over four years

Downer says it overstated earnings by as much as $40m over four years
The company hasn’t yet determined if there will be any impact on current earnings. (Image: Downer)
Dan Brunskill
The New Zealand stock exchange-listed construction firm Downer says it has found “accounting irregularities” in its Australian Utilities business which may have resulted in overstated pre-tax earnings.In a statement today, the company said the problem involved “historical misreporting of revenue and work in progress in one of Downer’s maintenance contracts”.“With oversight by the board and senior management, a detailed investigation has been initiated and is being treated with the highest priority,” it...

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