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BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE YEAR ENDED 31 MARCH, 2011 (Excerpt)
Belize City, Belize – 29 June, 2011 – In a filing to the Bermuda Stock Exchange (“BSX”), BCB Holdings Limited (the “Company”; Tickers: AIM: BCB; Trinidad and Tobago Stock Exchange: BCB.TT; Bermuda Stock Exchange: BCBH.BH) reported a net loss of $7.3m (2010 -- net income - $25.9m) for the year ended 31 March, 2011 and a net loss per share of $0.07 (2010 -- earnings per share - $0.27).
For the quarter ended 31 March, 2011 the Company reported a net loss of $27.6m (2010 – loss of $17.4m) and a net loss per share of $0.28 (2010 – loss of $0.17).
As a consequence of the current economic environment in Belize and the Turks and Caicos Islands, non-performing loans and the associated loss of interest income have increased in fiscal 2011.
Financial Services reported an operating loss of $21.9 million for the year after an exceptional charge of $36.4 million in respect of loan provisions against a total loan portfolio of $864 million.
The Company closed the current fiscal year with a strong balance sheet with shareholders equity of $421.3 million and liquid assets of $142.7 million.
Background Information
The Financial Services division operates principally through the Belize Bank in
The Company’s associates, Grupo Agroindustrial CB, S.A., Tower Strategic Ltd., Mesocafta International, S.A. and BVI International Holdings, Inc., own edible oil processing and distribution operations and palm seed plantations principally in
For the full text of this and other press releases visit the Company’s web site: http://www.bcbholdings.com
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044