Sun hit by $1bn accounting charge

Link: Sun CFO sets lower IT forecast

Sun issued a profit warning saying it expected to record a loss of 7 to 10 cents a share for the first quarter of its financial year, which will result in a revision of the company’s previously stated results for the year ending 22 July.

As a consequence of this profits warning, the company said an assessment of its tax assets must be revised leading to a $1.05bn non-cash charge in the fourth quarter of its previous financial year.

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