[miningmx.com] — SHARES of Chrometco Ltd tumbled more than 9% to 10 cents after the South African mining exploration group said it would restate its earnings figures for the past three years, to comply with IFRS accounting standards.
The company said it likely booked a headline loss of 2.8 cents per share for the year to end-February, restated from the 5.4 cents it reported in May.
It also said it booked a headline loss of 0.94 cents per share for the year to end-February 2009, restated from a profit of 3.3 cents.
For the year to end-February 2008, the company said its headline profit totalled 3.39 cents, restated from 3.67 cents.
The company says its accounting treatment of the 2007 sale of a subsidiary did not meet IFRS requirements.
