Consolidated
Statement of Income
Year Ended 31 December 2003
| |
Notes |
2003
US$ 000’s |
2002
US$ 000’s |
 |
| Investment income |
18 |
46,137 |
16,094 |
| Interest income |
|
10,095 |
11,065 |
|
|
|
|
| |
|
56,232 |
27,159 |
| Fees and commissions |
|
21,422 |
16,032 |
| Foreign exchange revaluation gains, net |
|
6,564 |
2,757 |
| Share in profits of associated companies |
19 |
27,844 |
11,616 |
|
|
|
|
| Total income
|
112,062 |
57,564 |
| Change in fair values of investment properties |
6 |
(2,418) |
-521 |
| Interest expense |
|
(16,965) |
-19,445 |
|
|
|
|
| Operating income
before expenses and provisions |
92,679 |
37,598 |
| Salaries and benefits |
|
(15,346) |
-10,180 |
| General and administrative expenses |
|
(10,237) |
-5,832 |
| Amortisation of goodwill, net |
9 |
(118) |
1,004 |
|
|
|
|
| Operating income
before provisions |
66,978 |
22,590 |
| Provision for not-trading investments |
4 |
(16,868) |
-10,458 |
| Provision for doubtful loans and guarantees |
5
&12 |
(7,242) |
-610 |
| Interest in suspense written back |
|
390 |
- |
|
|
|
|
| Income for the year
before minority interest |
43,258 |
11,522 |
| Minority interest |
|
(7,020) |
-1,881 |
|
|
|
|
| NET INCOME FOR THE
YEAR |
36,238 |
9,461 |
|
|
|
|
| Basic earnings per share (US cents) |
21 |
4.743 |
1.27 |
|
|
|
|
|
|
