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Chile Cristales to record Argentinian accounting loss

Conglomerate Cristalerias de Chile SA (CGW), or Cristales, said recently that it will record a combined accounting loss equal to US$ 3.8 million on its 2001 year-end income statements due to the effec…

Conglomerate Cristalerias de Chile SA (CGW), or Cristales, said recently that it will record a combined accounting loss equal to US$ 3.8 million on its 2001 year-end income statements due to the effect of the Argentina devaluation. In a press statement, Cristales said it will book a CLP 2.23 billion charge, or US$ 3.4 million, due to its 40% stake in Argentine glass products manufacturer Rayen Cura SAIC. It will record another charge of CLP 289 million, or US$ 400,000, through its winery subsidiary Vina Santa Rita. Santa Rita is the parent company of a small winery in Argentina, the company said. Chilean companies are required by regulators to convert 2001 balance sheets for their Argentina operations using a 1.7 Argentine peso to the US dollar exchange rate, a measure intended to more accurately reflect the value of the operations“ assets and liabilities.

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