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00:02VTOL Group told banks it generated roughly $2 billion in first quarter profit as it reassured
00:08lenders after losses in its derivatives business tied to the Iran war, according to Bloomberg.
00:13The figure was shared informally and may change as accounts are finalized.
00:17The conflict disrupted energy markets in early March, sending oil and gas prices higher and
00:23stranding some cargoes in the Persian Gulf. VTOL said other business units remained highly
00:28profitable and liquidity stayed strong. The company reorganized its derivatives team
00:33after losses from early price moves, and traders later offset part of those losses.
00:38VTOL told lenders that other business units were highly profitable and that it maintains
00:43strong liquidity. For all things money, visit Benzinga.com.
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