PacNet to Restate Results

After restating six years' worth of financial results, the telecommunications company will show a 5 percent reduction in revenue and net income for...
Stephen TaubJune 6, 2007

Pacific Internet Ltd. will restate its financial statements for the years 2000 through 2006 to consolidate the results of operations of two companies in which it holds equity interests.

The Singapore-based telecommunications company said the impact on its revenues and net income will be less than 5 percent in the 2003 to 2006 statements. PacNet said its restatement will not affect the shareholder equity reported in its financial statements for 2006.

In addition, PacNet said in its latest regulatory filing that the company expects the restatement to show the net loss for 2000 to be higher by less than 10 percent; the net loss for 2001 to be higher by about 15 percent; and net income for 2002 to be lower by about 15 percent. Working with audit firm Ernst & Young, PacNet expects to complete the restatement by June 18.

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PacNet calls itself the largest Internet communications service provider by geographic reach in the Asia-Pacific region.