Mirant reports $151 million loss, probes possible 2001 overstatements

ATLANTA - Mirant Corporation reported a second-quarter loss Tuesday that was lower than expected, but said it is investigating $253 million in potential overstatements on its 2001 financial reports. <br> <br> The energy company also lowered its financial targets for next year because of continuing turmoil in the deregulated energy markets. <br> <br> The second-quarter loss of $151 million was equal to 38 cents a share. In the same quarter last year, the Atlanta-based energy producer and trader posted a $124 million profit, or 36 cents per share. <br> <br> Excluding one-time items, Mirant lost $145 million, or 36 cents per share. That was two cents a share better than the consensus forecast of analysts surveyed by Thomson First Call. <br> <br> The accounting review relates to a $100 million overstatement of an accounts payable liability, $85 million in overstated gas inventory and a $68 million potential overstatement for an accounts receivable liability. <br> <br> Mirant&#39;s president and chief executive, Marce Fuller, said, ``Our internal review has tentatively concluded that any mistakes were made honestly.&#39;&#39; The company has hired an Atlanta law firm to investigate the matter. <br> <br> Mirant owns 49 percent of Western Power.