Boral (ASX:BLD) confirms financial irregularities

Company News

by Rachael Jones

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$4.810 $0.005 0.10%
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Last Updated: 19/02/2020 10:56 AM

Boral (ASX:BLD) has completed the investigation into their North American windows business after identifying financial irregularities.

The investigation determined that finance personnel within the Windows business manipulated accounts and financial statements primarily to artificially inflate the overall profitability and health of the Windows business.

The misconduct occurred over an approximately 20-month period to the end of October 2019.

Historic pre-tax earnings will be reduced by US$22.6 million, of which US$18.8 million relates to FY2019 and US$3.8 million relates to FY2018.

Shares in Boral (ASX:BLD) are trading 10.1 per cent lower at $4.63.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.