As a Treasurer of SemCo Ltd you would like to use currency futures contracts to hedge US$40million that you owe to the supplier in June. A futures quote of 0.74/$ for June delivery is available on International Money Market. The contract size is US$125,000.

You decide to take a position in the futures to hedge exposure to the US$. In June the relevant futures contract is trading 0.76/$. Ignoring margin, was it good that you hedged using futures if the spot exchange rate in June is 75/$? How much is the profit or loss on the futures position?