I don't hold PAN atm, but considering to buy.
I've been comparing 2007 result to their profit forecast announced on 17th July 2008.
They earned in 2007 $88millions including hedging loss of $34millions, so their profit before heding loss is $122m (isn't it ??)
In 2008 they will earn around $60million while claiming that their hedging is $40million in-the-money. Doesn't it mean their profit before hedging is only $20million ??
anyone disagree ?
profit for 2008
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