News Column

Sagicor Swings To Net Profit On UK Business Disposal

August 6, 2014

Tom McIvor

LONDON (Alliance News) - Sagicor Financial Corp Wednesday said it swung to a net profit in its first-half due to the disposal of its loss-making UK business with revenue continuing to increase despite its remaining businesses in the Caribbean and the US still being challenged by weak economic conditions.

The insurance, banking, pensions and card processing provider reported a net profit of USD26.2 million for the six months ended June 30 from a net loss of USD13.3 million the previous year.

Sagicor said its net income from continuing operations fell 2.5% to USD27.7 million but its net loss from discontinued operations narrowed significantly to USD1.5 million from USD41.7 million.

It sold its UK business last December.

Sagicor said its revenues increased slightly to USD501.7 million from USD498.7 million with a USD3 million improvement in its Caribbean and US revenues over the corresponding period.

"Sagicor's continuing operations have performed well despite very challenging economic conditions in the Caribbean," Chairman Stephen McNamara said in a statement. "The Board and Management will continue to adopt conservative and prudent strategies during these times, while we deliver credible performance to our stakeholders."

The company said that at June 30 its assets amounted to USD5.9 billion and liabilities totalled USD5.1 billion, while its net debt totalled USD295.2 million.

Sagicor shares were untraded at 58.5 pence on Wednesday.

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Source: Alliance News

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