CIHL.L Regulatory News (CIHL)

27 Jul 2007 15:47

BB Holdings Ltd27 July 2007 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2007 Belize City, Belize, July 27, 2007 -- BB Holdings Limited (London - AIM: BBHL)("BB Holdings") reported net income from operations of $13.0m (2006 -- $10.0m)for the quarter ended June 30, 2007, the first quarter of fiscal 2008. Diluted earnings per share from operations for the quarter ended June 30, 2007was $0.22 (2006 -- $0.17). Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said: "Earnings per share is 29 percent ahead of last year as a result of an excellentperformance by the Financial Services division and further growth in theearnings of Numar." "The $50 million new capital raised in April this year has been channeled intoBelize Bank Turks and Caicos US dollar denominated lending where we continue tosee new opportunities." The Financial Services division reported a strong performance for the quarterended June 30, 2007. Operating income for the quarter increased by 32.6 percentto $11.4m (2006 -- $8.6m). Interest income for the quarter increased by 27.8percent to $18.4m (2006 - $14.4m), driven by a $130.6m (32.1 percent) increasein the average loan portfolio compared with the same quarter last year. Over 50percent of Financial Services net income is now earned in US dollars. Our associate, Numar, also produced a very solid quarter. The Company's share ofNumar's earnings increased by 66.7 per cent to $3.5 million as the benefits ofimproved market prices of crude palm oil and new investment in productioncapacity continue to enhance sales and gross margin. Background Information The Financial Services division operates principally through the Belize Bank inBelize and the Turks and Caicos Islands. In Belize, the Bank is the largest,full service commercial and retail banking operation with a head office inBelize City and thirteen branches extending into each of the six districts ofBelize. The principal operations of the Bank are commercial lending, consumerlending, deposit-taking and related banking activities. In Turks and Caicos theBank is one of the largest commercial lenders and is expanding rapidly. The Company's associate, Numar, owns edible oil processing and distributionoperations and palm seed plantations principally in Costa Rica, where they aremarket leaders in edible oils, margarine, industrial oils and animal feed. 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 30 2007 2006 $m $mFinancial ServicesInterest income 18.4 14.4Interest expense (6.2) (4.6) Net interest income 12.2 9.8Provision for loan losses (0.5) (0.4)Net non-interest expense (0.3) (0.8) Operating income - Financial Services 11.4 8.6Corporate expenses (0.9) (0.9) Total operating income 10.5 7.7Associates 3.5 2.1Interest (expense) income (1.0) 0.2 Net income 13.0 10.0 Earnings per ordinary share:Basic and diluted:Net income $0.22 $0.17 Number of shares - basic 59.1m 60.2mNumber of shares - diluted 59.1m 60.6m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheet (unaudited) June 30 March 31 2007 2007 $m $mAssetsFinancial Services Cash, cash equivalents and due from banks 44.3 41.2Interest-bearing deposits with correspondent banks 95.1 94.0Loans - net 542.3 508.5Property, plant and equipment - net 16.6 14.8Other assets 38.9 39.7Total Financial Services assets 737.2 698.2Cash and cash equivalents 4.6 5.2Other current assets 0.7 0.6Property, plant and equipment - net 0.1 0.1Associates 67.1 63.6Total assets 809.7 767.7 Liabilities and shareholders' equityFinancial ServicesDeposits 487.9 504.8Short-term debt 2.0 6.0Interest payable 8.0 7.1Other liabilities 5.5 6.3Long-term debt 62.5 12.5Total Financial Services liabilities 565.9 536.7Current liabilities 1.6 1.8Long-term liabilities 1.2 1.2Total liabilities 568.7 539.7Total shareholders' equity 241.0 228.0 Total liabilities and shareholders' equity 809.7 767.7 BB Holdings LimitedFinancial InformationSummarized Consolidated Statement of Cash Flows (unaudited) 3 Months ended June 30 2007 2006 $m $mCash flows from operating activitiesNet income 13.0 10.0Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 0.3 0.3Provision for loan losses 0.5 0.4Undistributed earnings of associates (3.5) (2.1)Increase in interest payable 0.9 0.3Changes in assets and liabilities - net (0.3) 0.4 Net cash provided by operating activities 10.9 9.3 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (2.1) (0.3)(Increase) in interest-bearing deposits (1.1) (12.2)(Increase) in loans to customers (34.3) (19.9) Net cash (utilized) by investing activities (37.5) (32.4) Cash flows from financing activities(Decrease) increase in deposits (16.9) 29.1Increase in long-term debt 50.0 -(Decrease) in short-term debt (4.0) - Net cash provided by financing activities 29.1 29.1 Net change in cash, cash equivalents and due from banks 2.5 6.0 Cash, cash equivalents and due from banks at beginning of 46.4 49.2period Cash, cash equivalents and due from banks at end of period 48.9 55.2 Ends This information is provided by RNS The company news service from the London Stock Exchange