BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007
Belize City, Belize, October 29, 2007 — BB Holdings Limited (London – AIM: BBHL) (“BB Holdings”) reported net income from continuing operations of $14.5m (2006 — $11.0m) for the quarter ended September 30, 2007, the second quarter of fiscal 2008.
Diluted earnings per share from continuing operations for the quarter ended September 30, 2007 was $0.25 (2006 — $0.18).
Net income and diluted earnings per share from continuing operations for the six months ended September 30, 2007 amounted to $27.5m (2006 — $21.0m) and $0.47 (2006 — $0.35), respectively.
Commenting on performance, Chairman, Lord Ashcroft, KCMG, said:
“A combination of continuing growth and solid results in the Financial Services division together with an excellent performance from our associate Numar has contributed to a 39 percent increase in earnings per share for the quarter”.
Financial Services reported a strong performance for the quarter ended September 30, 2007 assisted by the injection of $50 million into the Turks and Caicos operations during the first quarter. Financial Services operating income for the quarter, net of corporate interest on the $50 million loan notes, increased by 15.7 percent to $10.3m (2006 — $8.9m). The proceeds from the recently announced second $50 million issue of loan notes will be injected into the Turks and Caicos operation in the third quarter.
Operating income, net of corporate interest on the $50 million loan notes, for the six months ended September 30, 2007 increased by 18.3 percent to $20.7m (2006 — $17.5m). Over 50 percent of Financial Services net income is now earned in US dollars.
The Company’s share of Numar’s earnings increased by 86.7 percent to $8.4 million for the six months ended September 30, 2007. Improved 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.
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