Commonwealth Bank denies loss speculation
The Commonwealth Bank has moved to counter speculation that its decision to change the definition of “Cash Net Profit After Tax” to exclude unrealised gains and losses on derivatives used for hedging purposes suggested that it expected to incur a loss.
The bank’s chief financial officer, David Craig, said that it had become apparent that the decision had been interpreted by some market participants as suggesting that the group was “signalling that its interim result would include significant unrealised losses on derivatives used for hedging purposes”.
He rejected such speculation and advised that for the six months to December 30, 2007, the group would, in fact, report a small unrealised gain on derivatives used for hedging purposes.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Chris McGibbon, global head of real estate at Nuveen, about the long-term outlook and why the “knife has stopped falling” in property.
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
