Firms ring up US$15 million-plus each in exchange losses
A total of 1,228 listed Chinese firms recorded an exchange loss during the first-half
A total of 16 listed Chinese firms have recorded more than 100 million yuan (US$15.1 million) in exchange losses in the first half of this year due to a weakening US dollar, the 21st Century Business Herald reported on Tuesday.
The Renminbi has remained strong against the dollar so far this year. It closed up 322 basis points at 6.6323 to the dollar on Monday, a record high in a year.
According to their combined results, a total of 1,228 listed Chinese firms recorded an exchange loss during the first-half. They also saw a combined net exchange loss of 5.89 billion yuan for the period, compared with a loss of 2.1 billion yuan for the same period last year.
PetroChina Co. Ltd. (601857.CH) saw an exchange loss of 724 million yuan in the first six months of this year, compared with an exchange gain of 537 million yuan a year ago.
Zijian Mining Group Ltd. (601899.CH) recorded an exchange loss of 498 million yuan for the same period, while its net profit grew 180% to 1.5 billion yuan.