Korean conglomerates sustain huge foreign exchange losses

SEOUL, Nov. 30 (Yonhap) -- South Korea's top 30 business conglomerates have
suffered over 10 trillion won (US$6.8 billion) in foreign currency-related losses
in the first three quarters of the year, while their deficits are only expected
to grow due to the weakening Korean won, an Internet-based analysis group said
Sunday.
The group, Chaebol.Com, said a total of 164 listed businesses affiliated with the
30 largest conglomerates have suffered an aggregate foreign exchange loss of 10.7
trillion won as of the end of September.
The same companies recorded currency-related gains of 123 billion won for the
same period last year, the analysts said.
"The Korean conglomerates' unrealized foreign exchange losses stemming from their
foreign assets and debts are estimated at 8.5 trillion won. Last year, they
posted a gain of 173 billion won in the same accounts," said the group.
The Korean won has declined more than 35 percent against the dollar so far this
year. The Korean currency closed at 1,476 to the dollar on Friday.
bdk@yna.co.kr
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