Kingston Wharves Limited has advised that the below items presented in the nine months unaudited financial statements ended September 30, 2009 can be further explained as follows:
1. Revenue & Cost of Sales: the variation in revenue and cost of sales resulted from a reclassification to ensure that the presentation was consistent with that used by the auditors at the year end. This adjustment had no effect on the gross profit.
2. The variation in tax charge resulted from the inclusion of the differed tax provision of $30 million . The tax charge was apportioned $20 million to the third quarter and $10 million to the first and second quarters of 2009 . The net result of this adjustment was the earnings per share for the previous two quarters being reduced by 0.93 cents.
