CMB Results

CMB NV, Belgian’s major shipping conglomerate reported half year (January to June) results after tax of Belgium Francs 610 million, blaming the weak US dollar for the fall in profits. In the first six months of last year, the privately-owned group earned BEF 634 million and the profits for the whole of 1994 were BEF 1,039 million.

The last two years have seen an increase in the company’s activities in the derivatives markets, in order to soften the blow of its declining earning power in dollars. While admitting to being active in hedging, a spokesman in Antwerp refused to discuss the details of the derivative products.

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