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Shares in Webjet have taken a hit after the online travel agency flagged an accounting dispute that could hurt its full-year earnings.
Webjet told the ASX on Friday that it has a disagreement with its auditor BDO over the way it accounts for transactions linked to its supply agreement with tour operator Thomas Cook.
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The company said if it were to adopt BDO's proposed accounting treatment, it stands to lose $11.5 million in earnings before interest, taxes, depreciation and amortisation for the year to June 2017.
It would also have to reduce the carrying value of intangible assets by $32.7 million.
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Shares in Webjet were down $1, or 7.9 per cent, at $11.67 in late morning trade amid a market-wide sell-off.
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Webjet said BDO has previously reviewed and approved the company's accounts for the six months to December 31, 2016, but now the auditor "no longer agrees with the accounting treatment" of the Thomas Cook deal.
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