Markets

Australia's Boral flags financial irregularites at windows business

Credit: REUTERS/DAVID GRAY

Boral Ltd on Thursday said it identified financial irregularities in its North American windows business between September 2018 and October 2019, which the building materials maker said would result in a one-off cost.

Dec 5 (Reuters) - Boral Ltd BLD.AX on Thursday said it identified financial irregularities in its North American windows business between September 2018 and October 2019, which the building materials maker said would result in a one-off cost.

The irregularites involved misreporting of inventory levels and raw material and labour costs at the windows plants, and would affect EBITDA to the tune of $20 million to $30 million, Boral said.

(Reporting by Nikhil Subba in Bengaluru; Editing by Clarence Fernandez)

((Nikhil.Subba@thomsonreuters.com; Reuters Messaging: Nikhil.Subba.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More