Jamaica Broilers has revealed that issues uncovered in its US operations could significantly impact its financial performance.
In a release to the Jamaica Stock Exchange (JSE), the company said it had engaged external advisors to review expense management and operational controls after identifying concerns in its US segment.
Preliminary findings point to unsubstantiated accounting evaluation methodologies, affecting inventories and biological assets which could result in material prior-period efforts.
Jamaica Broiler said these issues are expected to negatively affect historical profitability in the US operations and by extension the group's retained earnings and capital.
The company has assured shareholders that it is working with legal and financial advisors to address the matter and provide accurate reporting.
It's also in discussions with the JSE and the Financial Services Commission and has promised to keep all stakeholders updated.
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