ZURICH (Reuters) - Lonza (LONN.S) on Monday said it was restating its half year 2017 financial figures to take into account its adoption of new accounting standards this year.
The Swiss chemicals maker’s sales for the first half of 2017 now come to 2.31 billion Swiss francs ($2.34 billion), compared with 2.32 billion francs under the old standard. The new figures will be comparable with the results to be published by Lonza on July 25.
Adjustments were also made to the company’s core earnings before interest and tax, which was reduced by 7 million francs to 440 million francs.
The company’s EBIT margin, along with core EBITA, and core EBITA margin were also affected by the change triggered by Lonza’s adoption of a new revenue recognition standard.
($1 = 0.9882 Swiss francs)
Reporting by John Revill