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Article: Pranda Jewelry expects foreign exchange losses up to B90m.
- Article from:
- Bangkok Post (Bangkok, Thailand)
- Article date:
- December 21, 2006
CopyrightCOPYRIGHT 2006 Bangkok Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Nuntawun Polkuamdee
Dec. 21--Pranda Jewelry Plc projects a foreign exchange loss of around 90 million baht this year due to the appreciating baht.
The jewellery manufacturer exports around 80 percent of its goods, resulting in a direct effect on its revenue from the 14 percent gain in the baht against the US dollar over the past year.
Sunanta Tiasuwan, the Pranda corporate finance chairman, said that for 2007, the company had bought forward contracts at a rate of 35-38 baht to the dollar to hedge its currency risk.
"We think that if the baht is stronger than 35 to the dollar, exporters won't be competitive in the world market. A ...