Assam Company, with interests in tea and oil exploration, has restated its profits for the quarter and nine months ended September 30, 2008, post a review by its auditors, due to exchange losses on its foreign currency convertible bonds.
Following a review by its auditor Lovelock & Lewis, the profits for the quarter has been revised downwards to Rs 4.79 crore against Rs 24.65 crore declared earlier, the company said in a statement to the Bombay Stock Exchange.
Similarly, the company has now announced a loss of Rs 12.48 crore for the nine months ended September 2008 as compared to a net profit of Rs 7.38 published earlier.
The auditors have also revised downwards the net sales figure for the quarter to Rs 70.19 crore against Rs 70.53 crore announced earlier. Net sales for the nine months ended September 30 has been revised to 123.15 crore (123.48 crore).