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BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE YEAR ENDED 31 MARCH, 2010
Hamilton, Bermuda – 04 June, 2010 – In a filing to the Bermuda Stock Exchange (“BSX”), BCB Holdings Limited (Tickers: AIM: BCB; Trinidad and Tobago Stock Exchange: BCB.TT; Bermuda Stock Exchange: BCBH.BH; the “Company”) reported net income of $25.9m (2009 - $62.4m) for the year ended 31 March, 2010 and earnings per share of $0.27 (2009 - $1.06).
For the quarter ended 31 March, 2010 the Company reported a net loss of $17.4m (2009 - net income $10.1m) and a loss per share of $0.17 (2009 - earnings per share $0.17).
Commenting on corporate performance, Chairman, Wendell Mottley, said: "Financial Services operating income of $12.7 million for the year was after an exceptional charge of $44.5 million in respect of loan provisions. The weak economic environment in Belize and the Turks and Caicos Islands has continued in fiscal 2010 and security values have fallen in the abnormally depressed and complex international economic market conditions. As a result, the Company's intensive evaluation procedures covering the loan portfolio and security values identified the need for an exceptional charge of $44.5 million in respect of loan provisions against the total portfolio of $891 million.
The charge of $44.5 million was offset by other income relating to an award by the London Court of International Arbitration to the Company against the Government of Belize, of $22.0 million plus interest, in respect of damages and costs for breaches of contractual warranties given by the Government. The award also took account of a prior year receivable from the Government concerning the overpayment of business tax by the Belize Bank. The overall impact in the current fiscal year is a credit to other income of $12.4 million in the fourth quarter.
The Company has nevertheless closed the current fiscal year with a stronger balance sheet in which net income of $25.9 million and an increase of $52.4 million in its capital base had a combined impact to increase shareholders equity to $428.6 million from $350.0 million in March 2009.
The Company’s share of our associate Numar’s income was $18.6 million for the current year compared with $23.1million in 2009. Palm oil prices have remained relatively stable in the year to March 2010 after falling from the higher prices prevailing in the year to March 2009.
Background Information
The Financial Services division operates principally through the Belize Bank in Belize,
British Caribbean Bank in the Turks and Caicos Islands and internationally through British Caribbean Bank International Limited which is based in Belize. Within 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.
The Company’s ordinary shares are listed on AIM, the Trinidad and Tobago Stock Exchange and the Bermuda Stock Exchange.
For further information contact:
Makinson Cowell BCB Holdings - +1 (212) 994 9044
UK +44 (0)20 7248 6700
Belize +501 227 7178
Note: This and other press releases are available at the Company’s web site: