Misawa Homes to restate earnings | 日本のニュースを英語で読むならジャパンタイムズウィークリー


	UPDATE: Saturday, June 12, 2010 The Japan Times Weekly 2006年12月23日号（バックナンバー）

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Misawa Homes to restate earnings

Misawa Homes Holdings President Kazuo Mizutani KYODO PHOTO

Misawa Homes Holdings Inc. said Dec. 18 it will restate its earnings for the past five fiscal years after admitting Dec. 17 that a regional sales subsidiary engaged in improper accounting practices when booking sales. Misawa Homes will correct its consolidated earnings for fiscal 2001 to 2005, in line with earnings corrections by Misawa Homes Kyushu Co.

For fiscal 2005 through March, Misawa Homes will cut its reported group sales by ¥700 million to ¥383.9 billion and its net profit by ¥300 million to ¥124 billion. The corrected earnings reports are to be submitted to the Finance Ministry by the end of the month, the company said.

"Over the last several years, there have been inappropriate accounting practices," Misawa Homes Holdings President Kazuo Mizutani said at a news conference in Tokyo. "As the parent company, we provided insufficient management. We apologize sincerely."

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