R&G Financial Corp. of San Juan, Puerto Rico, issued its long-awaited earnings restatement for 2002 to 2004 Friday.

R&G was forced to restate results because it changed the valuation of its interest-only strips and reversed multiple loan sales in 2005. It has not reported earnings since. In a regulatory filing it said its 2004 profit was $76.4 million, 47% less than originally reported. It earned $73.9 million in 2003, 26.5% less than originally reported, and $26.5 million in 2002, 67% less than originally reported.

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