MIECO CHIPBOARD BHD
KLSE (MYR): MIECO (5001)
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
CrazyInvestor
1 posts
Posted by CrazyInvestor > 2015-08-10 19:02 | Report Abuse
To be honest, please do your homework before you touch this counter and at least READ annual report !
Please ignore my message if you're doesn't like to listen bad comment in relation to the counter that you bought.
Extracted from Annual report 2014 :
Note to financial statement
Note No.3
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the dates of the transactions. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss.All foreign exchange gains and losses are presented in profit or loss within unrealised (loss)/gain on
foreign exchange and realised gain on foreign exchange.
Note No.5
If the relevant foreign currencies strengthened against the respective functional currencies of the Group entities by 5% (2013: 5%), it would decrease the Group’s profit before tax and decrease its retained earnings by approximately RM1.0 million (2013: increase loss before tax of RM1.4 million) and RM0.8 million (2013:RM1.0 million) respectively. A weakening in foreign currencies against the respective Group entities’ functional currencies by 5% (2013: 5%) has an equal but opposite effect. If the relevant foreign currencies strengthened against the functional currency of the Company by 5% (2013:5%), it would decrease the Company’s profit before tax and decrease its retained earnings by approximately RM0.6 million (2013: increase loss before tax of RM0.9 million) and RM0.5 million (2013: RM0.7 million)respectively. A weakening in foreign currencies against the functional currency of the Company by 5% (2013:5%) would have an equal but opposite effect.
Note no.20
The Group’s derivatives comprise solely of foreign exchange forward contracts incepted to hedge its currency exposures arising from *******purchases of raw materials in USD. The foreign exchange forward contracts generally
have a maturity period between 1 to 6 months.