February 1, 2018 / 7:42 AM / 10 months ago

UK's SIG says 2016 profit was overstated; reaffirms 2017 forecast

Feb 1 (Reuters) - SIG Plc, a distributor of building products in Europe, said a forensic review revealed that its 2016 profit was overstated, but reaffirmed its 2017 underlying profit forecast.

SIG said the review showed profit for the year ended Dec. 31, 2016 was overstated by up to 3.7 million pounds ($5.2 million), with a further overstatement of up to 400,000 pounds for the years before 2016. ($1 = 0.7062 pounds) (Reporting By Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri)

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