Old Mutual financials

Source: Old Mutual financials | The Herald September 10, 2019

Old Mutual Zimbabwe has said its financials for the half-year to June 30, 2019 have been prepared on a historical cost accounting basis in view of high inflation that has been prevailing in the country.

“In an environment of very high inflation, financial statements prepared using historical cost accounting may not result in fair presentation of our financial position,” said OMZIL in a statement yesterday.

The directors advise that the company’s PAT prepared on the historical cost basis for the half-year ended June 30, 2019 will be significantly higher than the profit after tax for the same period in 2018.”