Citic Pacific Ltd, a Hong Kong-based conglomerate controlled by China's biggest state-owned investment company, Citic Group, has issued its financial results for 2008.
Accordingly, Citic Pacific saw a total sales loss of HKD 12.662 billion in 2008. This substantial loss was mainly caused by the company's considerable losses in foreign exchange investments.
As revealed by the company's annual report, the special steel sector was the greatest contributor to the company with regard to sales revenue. The sales income of this sector in 2008 reached HKD 22.758 billion, up 23 percent year-on-year, while the company's profit in the sector rose 27.9 percent to HKD 2.844 billion.
Commenting on its investments on foreign exchanges, the company stressed they have not and still do not engage in speculation, but have only used foreign exchange investments for risk hedging purposes. The company has had some contracts worth a total of AU$6 billion transferred to its parent company Citic Group.