Padaeng Industry Plc (PDI) released the summary of its reviewed consolidated financial statements showing a drop in its third-quarter and nine-month earnings from the same periodsthe year before, due to its auditor remarking that the earnings and assets on the book should be adjusted downwards. The summarized reviewed statements are as follows: PDI and subsidiaries (consolidated): (Unit: Bt1,000) Ended Sept 30, 1994 Third Quarter For 9 Months 1994 1993 1994 1993 Net profit (33,609) 2,792 69,951 79,529 EPS (Baht) (0.32) 0.03 0.67 0.76 The auditor commented in his report on the reviewed statements that he had learned from PDI's management that one of its subsidiaries informed the commercial registration authorities of its dissolution on September 20, 1994 and that PDI's investment in the subsidiary was not included in this as mentioned on that basis in the interim financial statements. PDI has yet to adjust its investment value in the firm. Its investment and the advance given to the subsidiary amounted to Bt51.7 million and this should be downwardly adjusted to about Bt1.4 million, the amount which is expected to be paid back to the parent firm following the clearance of the subsidiary's books. The failure to reflect the investment adjustment in PDI's consolidated financial statements is not in line with generally accepted accountancy principles, the auditor remarked. As a result, the total assets as of Sept 30, 1994, its quarterly net earnings and nine-month net profit as recorded in the interim statements are about Bt50.3 million higher, than they should have been. Translated by The Natio