AUSTRALIA: Bonlac forced to sell assets, recruit more suppliers
Australian dairy company Bonlac Foods has been forced to sell off more of its assets to make up for losses from currency hedging contracts in 2002-03. The company recorded losses of A$70m (US$39.1m) during 2001-02 from hedging contracts that were put in place in the late 1990s during the Asian crisis and are due to expire in late 2004. Bonlac managing director Peter Myers has said he expects the losses from hedging contracts to be around $35m for the current financial year if the Australian dollar stays around the level of US 56 cents. If the value of the Australian dollar moves above US 60 cents then the losses would subside.
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