Brief: ASIC Says Emeco Wrote Down Value Of A Trade Receivable After ASIC Inquiries

Emeco Holdings

07/03/2023 04:24

March 7 (Reuters) - Australia's ASIC:
    * EMECO WRITES DOWN VALUE OF A TRADE RECEIVABLE AND IMPROVES
BUSINESS RISK DISCLOSURE FOLLOWING INQUIRIES BY ASIC
    * EMECO RECOGNISED A A$22.9 MILLION EXPENSE TO A SPECIFIC
EXPECTED
CREDIT LOSS ALLOWANCE IN HY ENDED 31 DEC 2022
    * RAISED CONCERNS ABOUT RECOVERABILITY OF SPECIFIC TRADE
RECEIVABLE BALANCE, INCLUDING WHETHER EMECO APPROPRIATELY
ASSESSED ANY CREDIT RISK
    * ASIC ALSO RAISED CONCERNS ABOUT QUALITY OF DISCLOSURE OF
BUSINESS RISKS IN OPERATING AND FINANCIAL REVIEW

Further company coverage:  EHL.AX 

 ((Reuters.Briefs@thomsonreuters.com;))