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Czech markets  |  November 22, 2012 13:58:58

KIT digital: The slump in the U.S. by 76%, the company may go down

KIT digital released on Wednesday night a report showing that can not be taken as relevant results from 2009. Shares in the after-market lost up to 76% in Prague is stopped trading with them.

Analyst Tomáš Menčík of Cyrrus considered very bad and unexpected news. "The publication of the results for 2Q2012 in August and the subsequent conference call, the company announced a large depreciation of property and created expectations that, after several months of revision of accounting are the biggest deficiencies corrected," writes Menčík.

Doubts in the spring

First doubts about the quality of accounting began to appear after the departure of former CEO Tuzman in March this year. The new management began to reassess both estimates of operational indicators, which proved to be extremely overvalued, but also re-evaluate the quality of financial statements.

While the results for the first and second quarter lead gradually adapting the estimates on which the shares reacted steep decline. The company hired new experts in finance, cash management, audit and risk management in order to "straighten" the financial statements.

Does it make sense to sell shares of KITD, can be found on the web Investment?

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KIT digital: Propad v USA o 76 %, firma může jít ke dnu

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