Thursday, August 10, 2017 4:53:01 PM
I wonder how much of the $250-375M in profit was due to the extraordinary gain. I wish I was more fluent in IFRS accounting to understand this better -- does a debt writedown by creditors count as a one-time gain on income?
The Group is expected to record a consolidated profit attributable to the equity shareholders of the Company of between approximately USD250 million and USD375 million for the six months ended 30 June 2017 as compared to USD61.7 million loss attributable to the equity shareholders of the Company over the same period in 2016.
Such profit is primarily attributable to: (a) improved coking coal market condition resulting in higher revenue generated by the Group for the six months ended 30 June 2017 as compared to the same period in 2016 by increasing (i) coal product tonnages sold; and (ii) average selling price achieved; and (b) the successful implementation and completion of the Debt Restructuring by the Company as described in the Company’s announcements (“Relevant Announcements”) dated 5 May 2017, 5 June 2017 and 9 June 2017 (unless otherwise defined herein, capitalised terms in this announcement will have the same meanings as those defined in the Relevant Announcements) which have resulted in an extraordinary gain.
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