Construction giant CIMIC targeted over $800m profit boost

has inflated its profit and hidden poor performance to boost its share price by “engineering” its accounts, according to a scathing financial analysis by Hong Kong-based research house GMT.

“However, contract debtors have rapidly risen back to their previous level, although CIMIC refused to say how much is due to recognising revenue a second time.” “By recognising additional liabilities and probably writing down assets, we think CIMIC primed UGL for a rapid increase in profits … we estimate this has boosted CIMIC’s pre-tax earnings by around $100 million in the last two years.”

CIMIC responds three days after I first asked them about the GMT analysis ... but the Herald and the Age haven't been Fairfax for months.

kloussikian ha change the name but no the MO ....corporate criminals a dime a dozen and not one ever goes to jail

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