CIHL.L Regulatory News (CIHL)

2 Aug 2006 12:09

BB Holdings Ltd02 August 2006 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2006 Belize City, Belize, August 2, 2006 -- BB Holdings Limited (London - AIM: BBHL)("BB Holdings") reported net income from continuing operations of $10.0m (2005-- $8.7m) for the quarter ended June 30, 2006, the first quarter of fiscal 2007. Diluted earnings per share from continuing operations for the quarter ended June30, 2006 was $0.17 (2005 -- $0.14). Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "The Financial Services division is continuing to successfully expand itsbusiness within Belize and Turks and Caicos and is beginning to look furtherafield for new business opportunities in the Caribbean." "The Belize Bank, the leading and largest banking institution in Belize,achieved solid loan portfolio growth in the quarter. Management's focuscontinues to be on providing high quality financing solutions to its clientbase." Operational Review - Financial Services Financial Services reported a strong performance for the quarter ended June 30,2006. Operating income for the quarter increased by 7.5 percent to $8.6m (2005-- $8.0m). Net interest income for the quarter increased by 11.4 percent to$9.8m (2005 - $8.8m), driven principally by a $19.5m increase in the loanportfolio. Associate - Numar Numar owns edible oil processing and distribution operations and palm seedplantations principally in Costa Rica, where they are market leaders in edibleoils, margarine, industrial oils and animal feed. Numar has continued to investin new plantation development and now controls over 65,000 acres of African palmplantations principally in Southeast Costa Rica. The results of Numar havebenefited from both the increased production and a gradual stabilization inworld oil prices which has continued during the first six months of 2006. For further information contact: Makinson Cowell BB 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:http://www.bbholdingslimited.com. BB Holdings LimitedFinancial InformationSummarized Consolidated Statements of Income (unaudited)US dollars in millions except per share data 3 months ended June 3 months ended June 30, 2006 30, 2005 $m $m Financial ServicesInterest income 14.4 12.5Interest expense (4.6) (3.7)Net non-interest income (expense) (1.2) (0.8) Financial Services operating income 8.6 8.0 Corporate expenses (0.9) (0.8)Associates 2.1 1.5Interest income 0.2 - Income from continuing operations 10.0 8.7Income from discontinued operations - 2.0 Net income 10.0 10.7 Earnings per ordinary share:Basic and dilutedContinuing operations $0.17 $0.14Discontinued operations - $0.04Net income $0.17 $0.18 Number of shares - basic 60.2m 60.3mNumber of shares - diluted 60.6m 60.8m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheet (unaudited) June 30, 2006 March 31, 2006 $m $mAssetsFinancial Services assetsCash, cash equivalents and due from banks 36.0 30.6Interest-bearing deposits with correspondent banks 65.8 53.6Loans - net 406.1 386.6Other assets 44.9 44.6Total financial services assets 552.8 515.4Cash and cash equivalents 19.2 18.6Other current assets 0.4 0.4Associates and other long-term assets 59.6 57.5Total assets 632.0 591.9 Liabilities and shareholders' equityFinancial Services liabilitiesDeposits 404.5 375.5Other liabilities 13.2 12.1Long-term debt 15.0 15.0Total Financial Services liabilities 432.7 402.6Corporate liabilitiesCurrent liabilities 2.0 2.0Long-term liabilities 1.2 1.2Total Corporate liabilities 3.2 3.2Total liabilities 435.9 405.8Total shareholders' equity 196.1 186.1 Total liabilities and shareholders' equity 632.0 591.9 BB Holdings LimitedFinancial InformationSummarized Consolidated Statement of Cash Flows (unaudited)3 Months ended June 30, 2006 2006 $mCash flows from operating activitiesNet income 10.0Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 0.3 Undistributed earnings of associates (2.1)Changes in assets and liabilities - net 0.7 Net cash provided by operating activities 8.9 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (0.2)Increase in interest-bearing deposits (12.2)Increase in loans to customers (19.5) Net cash utilized by investing activities (31.9) Cash flows from financing activitiesIncrease in deposits 29.0 Net cash provided by financing activities 29.0 Net change in cash, cash equivalents and due from banks 6.0 Cash, cash equivalents and due from banks at beginning of period 49.2 Cash, cash equivalents and due from banks at end of period 55.2 Ends This information is provided by RNS The company news service from the London Stock Exchange