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Waterloo Investment Holdings Limited - Releases Year End Results (Excerpt)
Tortola, British Virgin Islands – 03 October, 2012 – In a filing to the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) releases the latest financial results to 31 March, 2012.
Background
The Company is an investment holding company incorporated in the British Virgin Islands. WIHL owns the British Caribbean Bank Limited, a financial services business in the Turks and Caicos Islands and, through various subsidiaries, substantial other investment interests in the Turks and Caicos Islands, principally through secured loans. The Company also holds an approximate 25 percent interest in a successful and market-leading edible oil processing and distribution operation in Latin America and a 50 percent share in a company which operates an international open shipping and company registry business in Belize. The Company also has an investment in the form of secured loans to the largest port in Belize.
Financial Information
WIHL was demerged from BCB Holdings Limited on 26 October, 2011.
The financial information has been prepared as if WIHL had been in existence as at 31 March, 2011, and for the entire period 01 April, 2010, to 31 March, 2012. This is in compliance with accounting standards which require this presentation due to the existence of the same controlling shareholder in both WIHL and BCB Holdings Limited at the date of the demerger.
For the year ended 31 March, 2012, the Company reported a net loss of $44.7m (2011 net income - $11.1m) and net loss per ordinary share for the twelve months of $0.45 (2011 net income – $0.11) primarily due to non-cash provisioning without which WIHL would have shown a profit. The Company is focused on creating value from its portfolio of assets and believes at current valuations WIHL can take a long-term perspective.
At 31 March, 2012, total assets were $503.8m (31 March, 2011 - $567.5m) and net assets were $256.5m (31 March, 2011 - $295.7m).
The full text of this announcement is available at the Company’s web site: http://www.wihl.com
For further information contact:
Waterloo Investment Holdings Limited - UK +44 (0)20 7248 6700