Citic Pacific Ltd., the Hong Kong arm of a Chinese government investment firm, said Wednesday it suffered it first annual loss in years after making bad currency bets, but maintained its finances were secure. Its stock plunged 8 percent.
The company reported 12.7 billion Hong Kong dollars ($1.6 billion) net loss for 2008, compared to a profit of HK$10.8 billion in 2007, the company said in a statement. The company had turned a profit since at least 1991, analysts said.
The results were worse than market expectations. Wrongway bets in the currency market were largely to blame, costing the company HK$14.6 billion (US$1.9 billion), according to the …
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