CITIC chairman looks beyond forex disappointments

ONG KONG (AFP) — The new chairman of troubled conglomerate Citic Pacific said Monday that the investment firm performed well in the first quarter despite massive losses incurred on forex trades last year.

In his first press conference as chairman, Chang Zhenming would not give specific figures but told reporters that "the disappointment and distraction of the past seven months cannot change what was achieved in the past 20 years."

He said the company's cash position for new investments was "sufficient", with 15 billion yuan (2.2 billion US dollars) earmarked for its iron ore and steel businesses.

The company had no plans to raise funds through a share placement, but may consider selling further non-core assets, he said.

However, Chang said the company had no...