2GO Replaces CFO After Announcing Adjustments in Reported Profits

Philippine-based 2GO Group Inc. announced it has  appointed William Charles Howell as Chief Financial Officer and Treasurer to replace Jeremias E. Cruzabra, who resigned.

The appointment was made after the company announced adjustments in reported profits for the last two years following a special audit.

2GO reported its restated net income for 2015 stood at P109.131 million, 90% lower than the P1.08-billion profit it earlier disclosed in its 2015 annual report.

For 2016, 2GO said its restated profit is P344.035 million, a 74% decline from the P1.34-billion net income it earlier reported.

For the first quarter of 2017, 2GO said it should have reported a net loss of P264.86 million, instead of a P267.562-million profit.

 

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