[Alpha Biz=Reporter Lee Jun Hyun & Lee Hyung Jin] It was belatedly confirmed that Korea Aerospace (KAI) suffered a heavy loss due to its immature foreign exchange hedge strategy.

According to KAI on the 24th, it has been confirmed that it has sold a significant portion of the $1 billion, which is part of the Polish government's imports of FA-50 fighter jets since February.

At that time, the exchange rate per dollar sold by KAI was reportedly around 1,240 won to 1,260 won.

Yoon Joo-ho, CEO of Umbrella Research, told Alpha Economy, “The exchange rate had risen to 1,430 won in October last year after the import payment received from the Polish government.” If it had been sold at the time, the loss on the KAI side would not have been great,” he analyzed.

KAI's net profit suddenly shifted to deficit in the fourth quarter of last year as the exchange rate fell to 1,267 won. In the third quarter of last year alone, its earnings, which were in surplus of KRW 52.2 billion, fell to -23.1 billion won.

According to Alpha Biz coverage, the reason why the exchange rate management team under Park Sang-wook, head of KAI's management division, urgently sold a large amount of dollars was due to the decision of exchange loss on January 1 every year.

An official who is familiar with the internal affairs of the KAI told Alpha Biz, "I understand that there was an issue about the loss of currency valuation at the board meeting on February 14."

KAI strongly denied that "large-scale foreign exchange losses are groundless."

 

[ⓒ AlphaBIZ. 무단전재-재배포 금지]