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Paper manufacturer PaperlinX Ltd (ASX:PPX) says it will post a net loss in its first half results due to hedging related costs.
As at December 2010 Paperlinx calculated currency related losses to be around $17 million after tax due to an $18 million currency option entered into in December 2009, to hedge an intercompany loan to fund the closure of the company's loss-making Tasmanian operations.
The company advises that underlying earnings are expected to be meaningfully ahead of the prior corresponding period.
In the year to 30 June 2010, PaperlinX reported a net loss of $225 million.
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