CIHL.L Regulatory News (CIHL)

26 Jan 2007 14:21

BB Holdings Ltd26 January 2007 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 Belize City, Belize, January 26, 2007 -- BB Holdings Limited (London - AIM:BBHL) (the "Company") reported net income from continuing operations of $11.9m(2005 -- $9.8m) for the quarter ended December 31, 2006, the third quarter offiscal 2007. Diluted earnings per share from continuing operations for thequarter ended December 31, 2006 was $0.20 (2005 -- $0.16). Net income and diluted earnings per share from continuing operations for thenine months ended December 31, 2006 amounted to $32.9m (2005 -- $25.1m) and$0.55 (2005 -- $0.42), respectively. Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "The Turks and Caicos operations have turned in another strong performancedriven by a significant increase in the loan portfolio". "This has contributed to an excellent performance by the Financial Servicesdivision and the Company with earnings per share significantly ahead of lastyear." Operational Review - Financial Services Financial Services reported a strong performance for the quarter ended December31, 2006. Operating income for the quarter increased by 27.4 percent to $10.7m(2005 - $8.4m). Net interest income for the quarter increased by 27.5 percent to$11.6m (2005 - $9.1m), driven principally by a $28.6m increase in the loanportfolio. Operating income for the nine months ended December 31, 2006 increased by 18.0percent to $28.2m (2005 - $23.9m). Net interest income for the nine monthsincreased by 20.7 percent to $32.7m (2005 - $27.1m). Background Information Through the Belize Bank, the company is the largest, full service commercial andretail banking operation in Belize with a head office in Belize City and twelvebranches extending into each of the six districts of Belize. The principaloperations of the bank are commercial lending, consumer lending, deposit-takingand related banking activities. The Bank has also established a significantbranch in Turks and Caicos. 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: BB Holdings Limited Makinson CowellBelize +501 227 7178 +1 (212) 994 9044UK +44 (0)20 7248 6700 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 3 months ended 9 months ended 9 months ended December 31, December 31, December 31, December 31, 2006 2005 2006 2005 Financial ServicesInterest income 17.2 13.1 48.2 38.6Interest expense (5.6) (4.0) (15.5) (11.5)Net non-interest expense (0.9) (0.7) (4.5) (3.2) Financial Services operating income 10.7 8.4 28.2 23.9 Corporate expenses (1.4) (0.6) (2.8) (4.4)Associates 2.5 1.9 7.0 5.8Interest income 0.1 0.1 0.5 0.1 Income before income taxes 11.9 9.8 32.9 25.4Income taxes - - - (0.3) Income from continuing operations 11.9 9.8 32.9 25.1Income from discontinued operations - 0.2 - 4.6 Net income 11.9 10.0 32.9 29.7 Earnings per ordinary share:Basic and Diluted:Continuing operations $0.20 $0.16 $0.55 $0.42Discontinued operations - - - $0.07Net income $0.20 $0.16 $0.55 $0.49 Number of shares - basic 59.7m 60.2m 59.7m 60.1mNumber of shares - diluted 59.7m 60.9m 59.7m 60.7m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheets (unaudited) December 31 March 31 2006 2006 $m $mAssetsFinancial Services assetsCash, cash equivalents and due from banks 38.4 30.6Interest-bearing deposits with correspondent banks 56.2 53.6Loans - net 487.8 386.6Other assets 42.3 44.6Total financial services assets 624.7 515.4Cash and cash equivalents 7.3 18.6Other current assets 0.9 0.4Associates and other long-term assets 63.5 57.3Total assets 696.4 591.9 Liabilities and shareholders' equityFinancial Services liabilitiesDeposits 452.6 375.5Other liabilities 12.0 12.1Long-term debt 12.5 15.0Total Financial Services liabilities 477.1 402.6Corporate liabilitiesCurrent liabilities 2.6 2.0Long-term liabilities 1.2 1.2Total corporate liabilities 2.9 3.2Total liabilities 480.9 405.8Total shareholders' equity 215.5 186.1 Total liabilities and shareholders' equity 696.4 591.9 BB Holdings LimitedFinancial InformationSummarized Consolidated Statement of Cash Flows (unaudited) For the nine months ended December 31 2006 $m Cash flows from operating activitiesNet income 32.9Adjustments to reconcile net income to net cash provided by operatingactivities: Depreciation 0.7 Other 0.1 Changes in assets and liabilities - net 0.4Net cash provided by operating activities 34.1 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (2.9)Increase in interest-bearing deposits (2.6)Increase in loans to customers (104.7)Net cash utilized by investing activities (110.2) Cash flows from financing activitiesIncrease in short-term debt 1.5Increase in deposits 77.1Repayment of long-term debt (2.5)Purchase of treasury shares (3.5)Net cash provided by financing activities 72.6 Net change in cash, cash equivalents and due from banks (3.5)Cash, cash equivalents and due from banks at beginning of period 49.2Cash, cash equivalents and due from banks at end of period 45.7 - Ends - This information is provided by RNS The company news service from the London Stock Exchange