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Pan-United regroups forex translation differences in FY16 results
PAN-UNITED Corporation on Friday filed a corrigendum for its full-year financial statement for FY2016, saying that it has decided to group the realisation of the foreign currency translation differences of S$4.3 million over the disposal of its tug and barge business, together with the FY2016 operating losses from the tug and barge business.
As a result, it should report the total loss from discontinuing operations as S$10.3 million, instead of the previously reported S$6 million.
"This is to better reflect the nature of the transaction and for better presentation in accordance with the accounting standards, FRS 21," it said.
The foreign currency translation differences stem from the result of translating the assets and liabilities of Pan-United Shipping, part of the tug and barge business disposed in December 2016, whose functional reporting currency is in US dollars. Pan United's reporting currency is in Singapore dollars.
"The profit from continuing operations of S$28.7 million remained unchanged as previously reported," Pan-United said on Friday.