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Coffeeshop Chit Chat - 154th says China S$2 bn is MASSIVE loss!</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">lauta76 <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">2:20 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 3) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>10194.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Citic posts MASSIVE loss
ST, March 25, 2009
HONG KONG - CITIC Pacific Ltd, the Hong Kong arm of a Chinese government investment firm, said on Wednesday it suffered a massive loss last year after making bad currency bets, but maintained its finances were secure.
The company reported HK$12.7 billion (S$2.42 billion) net loss for 2008, compared to a profit of HK$10.84 billion in 2007, the company said in a statement.
Wrongway bets in the currency market were largely to blame, costing the company HK$14.6 billion, according to the statement.
Citic Pacific stunned investors last year when it revealed huge losses from bad bets on leveraged foreign currency contracts, prompting the company to seek a HK$1.5 billion bailout from its Beijing-based parent company Citic Group.
The vast conglomerate, whose dealings run from airlines to mining and Wal-Mart stores, maintained Wednesday that it is 'financially secure' following the bailout. However, maturing debt in the next years requires refinancing which will begin shortly, Citic Pacific said.
The company recommended against a final dividend and directors will not receive bonuses for last year, the statement said.
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ST, March 25, 2009
HONG KONG - CITIC Pacific Ltd, the Hong Kong arm of a Chinese government investment firm, said on Wednesday it suffered a massive loss last year after making bad currency bets, but maintained its finances were secure.
The company reported HK$12.7 billion (S$2.42 billion) net loss for 2008, compared to a profit of HK$10.84 billion in 2007, the company said in a statement.
Wrongway bets in the currency market were largely to blame, costing the company HK$14.6 billion, according to the statement.
Citic Pacific stunned investors last year when it revealed huge losses from bad bets on leveraged foreign currency contracts, prompting the company to seek a HK$1.5 billion bailout from its Beijing-based parent company Citic Group.
The vast conglomerate, whose dealings run from airlines to mining and Wal-Mart stores, maintained Wednesday that it is 'financially secure' following the bailout. However, maturing debt in the next years requires refinancing which will begin shortly, Citic Pacific said.
The company recommended against a final dividend and directors will not receive bonuses for last year, the statement said.
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