Highway Holdings (HIHO) has released an update.
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Highway Holdings Limited has announced the restatement of its unaudited financial statements for the three and nine months ended December 31, 2023, due to a misapplication of revenue recognition accounting standards. The correction led to an increase in net income for both periods, with the third quarter net income rising to $348,000 and the nine-month net income to $223,000. The company emphasizes its commitment to maintaining high standards of financial reporting.
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