28th Oct 2008 15:36
BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2008
Belize City, Belize, October 28, 2008 -- BB Holdings Limited (London - AIM: BBHL) (the "Company") reported net income of $18.3m (2007 -- $14.5m) for the quarter ended September 30, 2008, the second quarter of fiscal 2009.
Earnings per share for the quarter ended September 30, 2008 was $0.31 (2007 -- $0.25).
The Financial Services division operating income for the quarter increased by 26 percent to $13.0m (2007 -- $10.3m). Interest income for the quarter increased by 29 percent to $26.4m (2007 -- $20.4m).
Numar, our associate, provided another solid performance in the quarter. Sales were significantly ahead of last year with continuing strong gross margins.
Background Information
The Financial Services division operates principally through the Belize Bank in Belize and the Turks and Caicos Islands. In Belize, the Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending into each of the six districts of Belize. The principal operations of the Bank are commercial lending, consumer lending, deposit-taking and related banking activities. In Turks and Caicos the Bank is one of the largest commercial lenders.
The Company's associate, Numar, owns edible oil processing and distribution operations and palm seed plantations principally in Costa Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed.
For further information contact:
BB Holdings Limited Makinson Cowell
Belize +501 227 7178 1 (212) 994 9044
UK +44 (0)20 7248 6700
Note: This and other press releases are available at the Company's web site: http://www.bbholdingslimited.com
BB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
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3 months ended September 30, 2008 |
3 months ended September 30, 2007 |
6 months ended September 30, 2008 |
6 months ended September 30, 2007 |
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Financial Services Interest income |
26.4 |
20.4 |
51.5 |
38.8 |
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Interest expense |
(10.7) |
(7.4) |
(20.8) |
(14.6) |
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Net interest income |
15.7 |
13.0 |
30.7 |
24.2 |
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Provision for loan losses |
(3.4) |
(2.8) |
(4.4) |
(3.3) |
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Net non-interest income (expense) |
0.7 |
0.1 |
(0.7) |
(0.2) |
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Operating income - Financial Services |
13.0 |
10.3 |
25.6 |
20.7 |
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Corporate expenses |
(1.0) |
(0.8) |
(2.6) |
(1.7) |
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Total operating income |
12.0 |
9.5 |
23.0 |
19.0 |
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Associates |
6.3 |
4.9 |
13.0 |
8.4 |
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Interest income |
-- |
0.1 |
-- |
0.1 |
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Net income |
18.3 |
14.5 |
36.0 |
27.5 |
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Earnings per ordinary share: Basic and diluted: |
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Net income |
$0.31 |
$0.25 |
$0.61 |
$0.47 |
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Number of shares - basic and diluted |
59.1m |
59.1m |
59.1m |
59.1m |
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BB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
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September 30 2008 $m |
March 31 2008 $m |
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Assets Financial Services assets |
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Cash, cash equivalents and due from banks |
47.5 |
43.9 |
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Interest-bearing deposits with correspondent banks |
80.0 |
127.1 |
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Loans - net |
850.5 |
761.1 |
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Property, plant and equipment - net |
16.8 |
17.0 |
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Government of Belize Securities |
-- |
5.0 |
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Other assets |
47.8 |
33.8 |
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Total financial services assets |
1,042.6 |
987.9 |
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Corporate Cash and cash equivalents |
0.3 |
0.2 |
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Other current assets |
0.6 |
0.4 |
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Property, plant and equipment - net |
0.1 |
0.1 |
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Associates |
86.9 |
79.2 |
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Total assets |
1,130.5 |
1,067.8 |
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Liabilities and shareholders' equity Financial Services liabilities |
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Deposits |
652.8 |
641.1 |
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Short-term debt |
4.0 |
-- |
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Interest Payable |
14.8 |
9.7 |
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Other liabilities |
16.3 |
10.7 |
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Long-term debt |
112.5 |
112.5 |
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Total Financial Services liabilities |
800.4 |
774.0 |
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Corporate |
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Current liabilities |
4.5 |
4.2 |
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Long-term liabilities |
1.2 |
1.2 |
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Total liabilities |
806.1 |
779.4 |
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Total shareholders' equity |
324.4 |
288.4 |
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Total liabilities and shareholders' equity |
1,130.5 |
1,067.8 |
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BB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
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6 month ended September 30 |
2008 $m |
2007 $m |
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Cash flow from operating activities |
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Net income |
36.0 |
27.5 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
0.7 |
0.6 |
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Provision for loan losses |
4.4 |
3.3 |
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Undistributed earnings of associates |
(7.7) |
(5.0) |
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Increase in interest payable |
5.1 |
2.1 |
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Changes in assets and liabilities - net |
(8.3) |
3.4 |
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Net cash provided by operating activities |
30.2 |
31.9 |
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Cash flows from investing activities |
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Purchase of property plant and equipment (net of disposals) |
(0.5) |
(2.3) |
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Decrease in interest-bearing deposits |
47.1 |
35.0 |
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Decrease in Government securities |
5.0 |
-- |
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Increase in loans to customers |
(93.8) |
(92.2) |
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Net cash utilized by investing activities |
(42.2) |
(59.5) |
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Cash flows from financing activities |
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Increase (decrease) in short-tem debt |
4.0 |
(6.0) |
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Increase (decrease) in deposits |
11.7 |
(10.5) |
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Increase in long-term debt |
-- |
50.0 |
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Net cash provided by financing activities |
15.7 |
33.5 |
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Net change in cash, cash equivalents and due from banks |
3.7 |
5.9 |
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Cash, cash equivalents and due from banks at beginning of year |
44.1 |
46.4 |
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Cash, cash equivalents and due from banks at end of year |
47.8 |
52.3 |
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Related Shares:
CIHL.L