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)

Thu, 08 Dec 2022

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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Markets

Another solar farm gets the nod from Genesis

Genesis Energy has approved the construction of the Edgecumbe Solar Farm in the Bay of Plenty, marking its second major solar commitment in as many months.The company made a final investment decision (FID) on the 136 megawatt peak (MWp) farm, clearing the way for work to begin sh...

Ian Llewellyn 9:40am

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