Bahri announces SAR55mn adjustment due to its transformation to IFRS
The National Shipping Company of Saudi Arabia ‘Bahri’ ( 4030.SE) released an update on phase III of the transformation process to IFRS, highlighting that as a result of the switch to IFRS, the company will make an adjustment of SAR55mn, that will be deducted from the company’s retained earnings account in 1Q16. The company is expecting no substantial impact from the transition and expects to publish IFRS-compliant results starting 1Q17 and its comparable period. ( Tadawul)
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