UBS AG announced that its 2008 annual report restatement amounts to profit reduction of 405 million Swiss francs (US$366 million).

The firm announced in its first quarter report on May 5, that it has restated its annual report for 2008, including the financial statements and other information.

“For full-year 2008, the total net impact of all restated items was a reduction of net profit and net profit attributable to UBS shareholders of CHF 405 million, a reduction of equity and equity attributable to UBS shareholders of CHF 269 million, and a reduction of basic and diluted earnings per share by CHF 0.15 and CHF 0.14, respectively.

It will re-file its annual report with the US Securities and Exchange Commission on May 21.

IE