Sinosoft Technology Sees 1H Loss On Foreign Exchange Contracts

9th Jul 2010 07:22

LONDON (Dow Jones)--Sinosoft Technology PLC (SFT.LN), a software company, said Friday it has recently closed certain foreign exchange contracts which have, in aggregate, resulted in a net loss to the company of approximately $3.8 million, and as a consequence of this it expects to report a loss for the first half of 2010. MAIN FACTS: -Group's cash and cash equivalents at June 30 will be materially below the $14.9 million at Dec. 31 reported in the Company's audited accounts. -The exact nature of this trading activity is being investigated as the Board is of the opinion that it had not authorized this level of exposure to foreign currency derivatives. -Shares closed Thursday at 7.38 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 09, 2010 02:22 ET (06:22 GMT)