Paper Products Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
As more fully explained in note A to the statement of unaudited financial results, inter-unit transfers amounting to Rs 79.8 million (quarter ended June 30, 2006: Rs 93.7 million) have been inducted in net sales and raw material consumption for the quarter ended June 30, 2007. This is not in compliance with Accounting Standard 9 - Revenue Recognition. However, the above accounting treatment has no impact on the profit of the Company for the quarter ended June 30, 2007.
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