Byt Holdings Ltd. (TSE:BYT) has released an update.
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BYT Holdings Ltd. has announced the retraction of their audit report for the 2020 financial statements due to material misstatements related to an undisclosed termination of a major contract. The contract in question, a waste management project with a Chinese municipal government, led to a significant write-off of S$2.7 million, which has since been addressed in the subsequent year’s financials. BYT, a Singapore-based provider of engineering and construction management solutions, emphasizes the full disclosure and accounting for this adjustment in their 2021 financial statements.
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