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Huntsman restates after PO account error

By Patrick Raleigh, UT On-line news editorHouston, Texas- Huntsman is to restate its third quarter 2003 financial statements because of an accounting error at Huntsman International’s propylene oxide business. The restatement cuts Huntsman International’s EBITDA for the quarter by $12.7 million to $91.5 million, and increases its net loss by $12.3 million to $32.3 million. Huntsman linked the error to the introduction a new SAP-based enterprise resource planning system for the PO product line earlier in the year, This led to a miscalculation of “product exchange balances under a toll processing agreement with a customer,” said a 10 Feb company statement. “

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