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Caledonia in results error
CALEDONIA Mining, the South African gold producer, was yesterday forced to restate its first-quarter results after an accounting error led it to report profits over $1m (£600,000) higher than they truly are.
The company, which is listed on London’s Aim, said “a misallocation of non-cash foreign exchange gain on the translation of certain bank balances being allocated to profit and loss instead of equity” led it to report profit after tax of $4.15m, when it should have been $3.09m.