Bairaha Farms reports higher losses
Bairaha Group and Bairaha Farms have restated their financial statements for the fourth quarter of the 2002/03 financial year, reporting sharply higher losses.
In their 4th Quarterly Provisional Financial statement (unaudited) they originally reported net losses of Rs. 25.34 million and Rs. 11.95 million for the Group and the Company, respectively.
"However, upon the finalization of the year and audit, our auditors have strongly recommended to the Management to make additional provisions of Rs. 12.1 million and Rs. 21.6 million for the Group and the Company, respectively,” the companies have told the Colombo Stock Exchange.
Following these additional provisions and other audit adjustments the revised net losses for the financial year 2002/2003 are Rs. 39.78 million and Rs. 34.41 million for the Group and the Company, respectively.
Additional Provisions as recommended by Auditors for the year ended 31st March 2003 are:
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