La Seda de Barcelona's shares suspended over 2008 accounts

05 June 2009 12:19  [Source: ICIS news]

La SedaLONDON (ICIS news)--La Seda de Barcelona’s shares have been suspended due to disagreements over its 2008 accounts, the Spanish chemicals company said on Friday.

The polyethylene terephthalate (PET) producer said four of its board members had refused to approve the accounts.

An audit of the accounts was underway and was expected to be finalised in the next few days, according to La Seda's statement translated from the Spanish.

The company reported a 37% annual drop in earnings before interest, tax, depreciation and amortisation (EBITDA) to €78.4m ($110m), down from €124.4m in 2007.

Caroline Howard contributed to this story

($1 = €0.71)

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