Telecom giant Qwest Communications said it will have to erase $950 million in profits from its 2000-2001 books and possibly $531 million in sales for the same period.
In a statement issued by its corporate headquarters, Qwest warned its financial statements for 2000, 2001 and the first quarter of this year were not reliable.
Qwest, target of investigations by the US Department of Justice and the Securities and Exchange Commission, said the latest revelations came as part of its analysis of its complex prior-accounting policies and practices.
The company also expects to book a still-undetermined third-quarter charge to write down some long-lived assets.
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AFP