This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINANCIAL RESULTS
Hamilton, Bermuda – 30 September 2019 - n a filing with the Bermuda Stock Exchange (“BSX”), Caribbean Investment Holdings Limited (London – AIM: CIHL; Bermuda – CIHL) (the “Company” or “BCBHL”) announced financial results to 31 March 2019. The filing stated;
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2019
Belize City, Belize, 30 September 2019 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda: CIHL) (the "Company" or "CIHL").
The Company reports that for the financial year ended 31 March 2019 it produced net income before tax of $14.7 million. This represented a decrease of $13.1 million when compared to fiscal 2018's net income before tax of $27.8 million.
In November 2017, the Caribbean Court of Justice ruled in favor of The Belize Bank Limited, the Group's largest subsidiary, granting permission to The Belize Bank Limited to enforce an LCIA Award in the same manner as a judgement or order of the Supreme Court. This favorable ruling had significant positive impact on the net earnings of fiscal 2018 particularly with an $11.0 million reduction in impairment provisions recorded on the Government of Belize receivable.
If interest income and impairment provisions related to the Government of Belize receivable are excluded from the financial results for both fiscal years - 2019 and 2018, net income before taxes would be $12.9 million for fiscal 2019 and $10.7 million for fiscal 2018, respectively, accounting for a 20.6% increase in the adjusted and normalized net earnings before taxes.
The Company confirms that the annual report and accounts will be made available to view on the Company's website, www.cihltd.co and are today being posted to shareholders.
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)207 397 8920
Note: This and other press releases are available at the Company's website: http://www.cihltd.co.