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[sharechat] SAN: Sanford, foreign exchange

From: Marilyn Munroe <>
Date: Sat, 31 May 2003 01:39:16 +1200

 Other posters and myself have previously said some uncomplimentary things 
about Sanfords policy of taking out forward foreign exchange cover.

Oh dear! Egg on face time. A selected quote.

Overall tax paid profit increased from $11.8m for the six months last year
to $23.8m for the seven months this year.  Foreign exchange gains of $14.0m
for the period offset the lower returns from export sales due to the higher
New Zealand dollar. For the same period last year foreign exchange losses
of $11.5m were reported."

Read more at;

This is an emphatic rebuttal of our concerns.

Despite the current result I have a lingering doubt that the long term outcome 
of the forward exchange policy is a fiscal drag on the company. I am too lazy 
to do the maths however. A project for a commerce student perhaps?

Boop-boop-de-do Marilyn

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