Business Services Industry
$17m gone from books, says chemists operator.
Australasian Business Intelligence, August, 2006
Byline: Michael Evans
Aug 14, 2006 (The West Australian - ABIX via COMTEX) -- Australian Pharmaceutical Industries on 14 August 2006 finally announced its unaudited net profit, after a lengthy delay. The company's stock had been placed in a trading halt due to its inability to reconcile financial data between its old and new software. It has been forced to write down $A17.2m even forensic accountants from Ernst & Young and KPMG were unable to locate, and has been left with a result of just $A20.4m for 2005-06, down from $A34.8m previously. CEO Jeff Sher has resigned over the debacle. The final dividend has also been reduced from $A0.0675 to $A0.03.
Publication Date: 15 August 2006
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