Trading in 2Go shares have been suspended in the Philippines following a restating of its financial results.
The Philippine Stock Exchange says the ban will remain in place until further information is received.
Following an audit, the ro-pax company changed the 2015 net profit figure to PHP 109.13m ($2.14m), from PHP 1.08bn previously, Business World reported.
For 2016, 2Go said earnings were PHP 344.03m, down from PHP 1.34bn, while the first quarter of 2017 turned negative wuth a loss of PHP 264.86m, instead of a PHP 267.56m profit.
The board agreed to fairly reflect the state of the company, CEO Dennis Uy said.
Uy took charge this year after buying into the owner. His tanker company Chelsea Logistics Corp (CLC), which is carrying out an IPO in Manila this month, will unify Uy's shipping operation after the deal goes through.
2Go has now appointed William Charles Howell as CFO to replace Jeremias Cruzabra, who resigned.
“The audit revealed certain accounts in the previously audited financials required restatement, and the new management, with the support and approval of the newly elected members of the audit committee and board of directors, agreed to restate prior period financial statements to reflect fairly the state of the business,” Uy said in a disclosure.
“The restatement is a commitment of the new management and board of directors to raise corporate governance standards in the company,” he added.
