Belize City, Belize, January 25, 2008 — BB Holdings Limited (London – AIM: BBHL) (“BB Holdings”) reported net income of $16.1m (2006 — $11.9m) for the quarter ended December 31, 2007, the third quarter of fiscal 2008.
Diluted earnings per share for the quarter ended December 31, 2007 was $0.27 (2006 — $0.20).
Net income and diluted earnings per share for the nine months ended December 31, 2007 amounted to $43.6m (2006 — $32.9m) and $0.74 (2006 — $0.55), respectively.
Commenting on performance, Chairman, Lord Ashcroft, KCMG, said:
“Financial Services continues to show strong growth. The injection this year of $100 million of new funds into the Turks and Caicos operations has further increased the Division’s US dollar earnings.”
“With Numar contributing an impressive $5.1 million in the current quarter, earnings per share increased 35 percent over last year.”
Financial Services reported one of its best quarters ever for the quarter ended December 31, 2007. Operating income for the quarter, net of corporate interest on the $100 million loan notes, increased by 11.2 percent to $11.9m (2006 — $10.7m).
Operating income, net of corporate interest on the $100 million loan notes, for the nine months ended December 31, 2007 increased by 15.6 percent to $32.6m (2006 — $28.2m). Over 60 percent of Financial Services net income is now earned in US dollars.
The Company’s share of Numar’s earnings increased by 92.9 percent to $13.5 million for the nine months ended December 31, 2007. Market prices of crude palm oil have remained at a high level with new investment in production capacity continuing to enhance sales and gross margin.
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 and is expanding rapidly.
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.
To see the full press release please click here.
