Riyadh – Mubasher: L'azurde Jewellery Company expected the EGP flotation to have a positive impact on its non-operating gains, according to a bourse statement.
Non-operating gains, which are represented in exchange differences, will result from “the appreciation of some assets denominated in foreign currency in Egypt and the decline in some financial liabilities denominated in the Egyptian Pound in Saudi Arabia”.
Non-operating gains will have a material positive impact on the financial results for the fourth quarter of 2016.
The exact amount of financial gain will be reported in fourth-quarter results depending on the EGP exchange rate by the end of 2016.
