Ceramiche Ricchetti restates last year's results to show loss
Ricchetti lost 6.72 billion lire ($3.1 million) in 2000 compared with net income of 11.2 billion lire a year earlier, the company said in a faxed statement. Earlier this month, Ricchetti said it had net income last year of 7.64 billion lire.
Casalgrande, Italy-based Ricchetti said it changed its earnings statement to show the value of shares purchased by its CFC unit at their buying price. Ricchetti, which produces 50 million square meters of ceramic tiles a year, had earlier accounted for the shares at the price they reached at the end of 2000, booking a gain of 14.3 billion lire.
“Therefore, there remains in our consolidated balance sheet a latent gain of 14.3 billion lire which could be booked whenever the shares are freed up,” the company said in the statement.
Ricchetti earlier this month said earnings declined in 2000 because of higher energy prices and a loss at its Bellegrove Ceramics Plc unit in the U.K., which lost business with its largest customer.
Ricchetti shares have fallen 14% so far this year, more than the 7.6% decline in Italy's all-share Mibtel Index.