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Amadeus forced to re-issue results

OIL and gas explorer Amadeus Energy Ltd has been caught out by the loss made by associate company, Australian Renewable Fuels Ltd, and was forced to re-issue its full-year results to the market this week. Amadeus said ARW’s reported full-year loss of $33.6 million, due to a big one-off write-down of $29 million, meant its profit would be reduced by $5.8 million to $3.1 million. Amadeus had originally recorded a loss from associates of $2.6 million but has revised that up to $8.4 million. Amadeus’ earnings were revised down from $29.7 million to $24 million while profit for the year was cut from $8.9 million to $3.1 million.

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06/11/14
$70k Bought
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Source: Morningstar

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