Boral Finds Some Irregularities in Its North America Business

  • Feb 10, 2020 AEDT
  • Team Kalkine

Boral Limited (ASX:BLD) identified certain financial irregularities in its North American Windows business, involving misreporting including in relation to inventory levels and costs associated with raw materials and labour at its Windows plants.

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

Pre-tax earnings were overstated by a total of USD 24.4 million between March 2018 and October 2019.

Adjustments are given in the below table:

At AEST 01:09PM, the stock was trading at $4.600 per share, down by 10.68% from its previous close.

 

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