Pittards Takes 1.3 Million USD Hit from Ethiopian Currency DevaluationOctober 13, 2017 - Pittards, the AIM-traded leather producer company, noted the Ethiopian government 15% devaluation in the currency would have "no adverse effects" on its trading performance, although there would be some adverse balance sheet adjustments arising on the consolidation of the Ethiopian assets at the year end. The company stated that it currently estimated that those adjustments would amount to approximately 1.3 million US dollars. "In overall terms this is a positive development for Pittards as the devaluation will make its operations in Ethiopia more competitive," its board said in its statement. Pittards specialises in engineering high performance leathers across a wide range of gloving and footwear market sectors, including sports, military, services, outdoor performance and added-value lifestyle. Source:- Sharecast.comBack Print

Source: Ethiopian News October 13, 2017 19:07 UTC