In Brief
Taiwanese telecoms company quadruples loss on FX hedge
Chunghwa Telecom, Taiwan's largest telecommunications operator, announced a 47% decrease in net income for the month of February due to a NT$3 billion ($98 million) charge on a 10-year foreign currency derivatives contract.
The charge is an unrealised valuation loss related to the contract, signed between the company and an unnamed "international investment bank" in September 2007. The purpose of the contract was as a hedge against capital
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