On the second page, the entire historic and projected income statement is shown based on pro forma results with the GAAP EPS appearing, almost like a footnote, underneath.

FORBES: How GAAP Accounting Rules May Be Damaging To Investors

The statement from GFMS did not say whether the projected increase in gold jewelry demand will remain regionalized or whether the tough conditions in the US, EU and the Middle East will continue for 2011.

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Ming said yesterday net profit would drop by 64-67% from a year earlier, worse than an earlier projected fall of 25-45%, according to a company statement.

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