China Oil & Gas Group (HK:0603) has released an update.
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China Oil & Gas Group Limited has announced corrections to previous financial misstatements due to errors in revenue and cost recognition in their gas pipeline construction and connection services. These adjustments were necessary after a detailed year-end review revealed inconsistencies with historical gross profit margins on certain smaller-scale projects. The company has since taken measures to ensure accurate financial reporting, enhancing the integrity of its financial statements for the year ended 31 December 2023.
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