Samsung's Trading Arm Suffers Setback
The Samsung Corporation, the international trade and construction arm of the Samsung Group, has suffered a $80 million loss in futures trading. This means it lost more than its net profit for the trading company $77 million last year.
Samsung expects its Hong Kong subsidiary Samsung Hong Kong Ltd to record the loss from trading in metal futures.
The Corp. notes the loss will be entirely reflected on the bottom line, since it wholly owns its Hong Kong arm.
Samsung Corp. said it has not yet identified the reasons for the massive loss and was asking a Hong Kong futures broker to give detailed information.
According to Chosun Ilbo, Samsung Corp. shares ended down 10.60 percent on announcing the loss. I would also expect foreign investors to reduced their shares in the company.
Samsung expects its Hong Kong subsidiary Samsung Hong Kong Ltd to record the loss from trading in metal futures.
The Corp. notes the loss will be entirely reflected on the bottom line, since it wholly owns its Hong Kong arm.
Samsung Corp. said it has not yet identified the reasons for the massive loss and was asking a Hong Kong futures broker to give detailed information.
According to Chosun Ilbo, Samsung Corp. shares ended down 10.60 percent on announcing the loss. I would also expect foreign investors to reduced their shares in the company.
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