FX smashes $600m hole in Anglo accounts

- By FX Markets Staff
- @FXMarkets_
- 01 Mar 2004

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The firm said the combined impact of all FX changes was a year-on-year reduction to its earnings of $578 million -- $523 million of which was due to the appreciation of the South African rand alone. The strength of the Australian dollar accounted for another $85 million, while the impact of some other currencies slightly softened the blow.

A spokesperson for the group in London said its policy is not to hedge currency risk, as the firm has a diverse portfolio.

"This year there was a severe

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