Impaired expectation

After discovering accounting errors in prior periods, chemical and mining group Rolfes has re stated its expected earnings for year ending June 2016. The issue in hand was, understatement of impairments relating to prior periods. The understatements will reduce the expected earnings for year ending June 2016, from an earlier number of 55.9c to a range between 39.9c to 48.1c. A significant impairment from previous expectation!