Turquoise Hill to restate three years of financial results

|About: Turquoise Hill Resources Ltd. (TRQ)|By:, SA News Editor

Turquoise Hill Resources (TRQ -2.7%) says it will restate financial results for 2010-12 and part of this year after its SouthGobi (SGQRF) subsidiary decided to change the way it recognizes revenue.

SouthGobi, which produces coal at the Ovoot Tolgoi mine in Mongolia, says some sales were booked after delivery to the customer’s stockpile at the mine; the restatement will reflect the recognition of revenue after the coal is loaded onto the customer’s trucks.

TRQ owns a 58% stake in SouthGobi, and Rio Tinto (RIO) owns 51% of TRQ.