Tuesday, AngloGold Ashanti Ltd. (AU), a South Africa-based gold mining company, restated its second quarter and first-half results, as per IAS34-Interim Financial reporting requirement.
Following the release of quarterly and half-yearly results on July 31, the company reassessed the accounting estimate for income taxes, for the effects and impact of the accelerated non-hedge derivative settlements in accordance with IAS34 - Interim Financial Reporting.
After the reassessment, the income tax expense has been reduced by R641 million, or US$81 million for the period. Consequently, in compliance with IAS34, AngloGold Ashanti has decided to revise its results for the quarter and six months ended 30 June 2008.
Second quarter loss is restated to $71 million or $0.30 per share, on revenues of $996 million. Six-month period loss is restated to $202 million or $0.81 per share on revenues of $1.98 billion.
Currently, the stock is down $0.03, trading at $ 22.51 on the NYSE.
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