Pilkington full year pretax profit rises thanks to IFRS

The UK“s Pilkington PLC said pretax profit for the year to 31March 2005 rose to GBP 183 million under International Financial Reporting Standards (IFRS) compared with the figure originally reported u…

The UK“s Pilkington PLC said pretax profit for the year to 31March 2005 rose to GBP 183 million under International Financial Reporting Standards (IFRS) compared with the figure originally reported under UK GAAP (Generally Accepted Accounting Principles) of GBP 165 million. Turnover under IFRS is GBP 2.43 billion compared with GBP 2.7 billion and earnings per share increased to GBP 0.092 pence from GBP 0.078 pence. The company said the fall in revenue comes after the removal of Pilkington“s share of joint ventures“ and associates“ revenue, partly offset by re-classifying revenues previously offset against expenditure of GBP 33 million.