LS Electric Reports KRW69.9 Billion Derivatives Loss in H1
MT Newswires Live
Aug 18
LS Electric (KRX:010120) reported a 69.9 billion won loss on currency forward and commodity futures contracts for the six months ended June 30, according to a Tuesday filing with the Korea Exchange.
Increased volatility in foreign exchange rates and commodity prices led to the loss, which represented 3.26% of the company's 2.14 trillion won equity capital, the filing said.
LS Electric entered into derivative contracts to manage risks arising from fluctuations in foreign exchange rates and commodity prices, it said.
Shares of the power system and automated solution provider added nearly 2% in recent trade.
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