28th Feb 2014 12:12
LONDON (Alliance News) - Anglo-Eastern Plantations PLC Friday said it had restated its 2012 results lower to account for a new notional rent used to calculate the value of its biological assets, after the Financial Reporting Council queried the notional rent it had originally used.
In a statement, the palm oil and rubber plantation owner said it has now applied a notional rent equivalent to 9% of the value of planted land in the valuation of its biological assets and that cut the value of the assets by USD37 million to USD208 million.
"The group's profit after biological asset adjustment for the years ended 31 December 2012 and 2011 were reduced by USD1.6 million and USD4.0 million respectively as a result of the restatement, it said.
The Financial Reporting Council has concluded its enquires into the company's 2010 accounts, Anglo-Eastern added.
Anglo-Eastern shares were down 0.8% at 669.4 pence Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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