Generally Accepted Accounting Principles

Albatronics in $239m net loss

Thursday, 26 July, 2012, 8:37am

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Electronics firm Albatronics (Far East) has incurred an attributable loss of $239.99 million for the five months to August, against $22.67 million in attributable profits for the year to March. The loss comprised a $131 million write-off in its video compact disc operations, a $3 million expense for severance payments to staff, and $36 million of provisions for doubtful receivables, long-term investments in a supplier and accelerated depreciation on some moulds.