Embattled US conglomerate Tyco International today announced a quarterly loss of $1.75 billion dollars, hurt by a huge $2.8-billion writedown for restructuring and other charges.
Tyco, whose former top executive faces criminal charges of looting the company, also restated some of its earlier results based on reviews of its accounting practices.
There were also writedowns of certain investments, accounts receivable and inventory, the company said.
The Wall Street Journalreported earlier that the restatement of the company's prior results was necessary after auditors found questionable accounting practices at Tyco's ADT alarm-system unit.
The paper said this is the first accounting problem to surface at Tyco's operating units, despite some former executives being charged with stealing $600 million from the company.
Reports earlier this month claimed that PricewaterhouseCoopers plans to await the results of a separate forensic audit of Tyco's books dating back to 1999 before certifying the company's accounts.
The audit is being conducted by outside attorneys and a separate accounting firm, with Pricewaterhouse's cooperation, and is expected to be completed in late November.
AFP