NU Online News Service, May 13, 3:00 p.m. EDT–Bermuda-based insurer Quanta Capital Holdings said it is lowering its previously announced first-quarter earning by $2 million because of a newly discovered "calculation error."
On May 2, Quanta reported $1.4 million income for its 2005 first quarter, but the company said this week that its quarterly result would now be revised to a net loss of $644,000.
Quanta said the change was prompted by a need to correct its accounting of policy acquisition expenses for the quarter. The company said its acquisition costs now have been corrected to $20.4 million, as compared to previously reported amount of $18.4 million.
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