FAR EAST Holdings International says it will take more precautions to cut its exposure to foreign exchange risk, after losses on forward contracts and the sales of futures and shares helped push it into the red.
The company posted a $24.56 million attributable loss for the first half of the year, against a $30.59 million profit in the previous corresponding period.
Turnover plummeted 76 per cent to $76.42 million, from $315.78 million.
Losses per share were 8.23 cents, against earnings of 11 cents previously, and the company has decided not to declare an interim dividend. There was also no interim dividend last year.
Exceptional losses came to $28.1 million, against gains of $4.57 million, and the company said the performance of foreign exchange rate transactions had improved.
The company said it had obtained approval in principle for the development of a theme hotel at the Tang Dynasty City in Singapore.
