Highway Holdings (HIHO) has released an update.
Highway Holdings Limited has announced the restatement of its unaudited financial statements for the three and nine months ended December 31, 2023, due to a misapplication of revenue recognition accounting standards. The correction led to an increase in net income for both periods, with the third quarter net income rising to $348,000 and the nine-month net income to $223,000. The company emphasizes its commitment to maintaining high standards of financial reporting.
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