Global power company in the dark over its accounts
US-based AES forced to restate its accounts to SEC after problems with its Brazilian operation
US global power company, AES, cut 2006 earnings yesterday as it restated its
accounts in a filing to the SEC, in line with accounting changes for its
The company, which has operations in 28 countries, lowered its net income
from 39 cents to 30 cents per diluted share.
According to Reuters, earnings were hit by a $57m non-cash charge
relating to the accounting changes in Brazil as well, as three power purchase
agreements in Pakistan and the US.
AES previously restated results for the fiscal years 2002 to 2005 because of
weaknesses found it its internal controls.