Consolidated
Statement of Income
For the six months ended 30 June 2004
(Unaudited)
| |
Three months
1
April to 30 June |
Six months
1
January to 30 June |
 |
| |
2004
US$ 000 |
2003
US$ 000 |
2004
US$ 000 |
2003
US$ 000 |
| Investment income |
11,030 |
12,048 |
18,828 |
16,666 |
| Interest income |
2,939 |
2,687 |
5,652 |
5,180 |
|
|
|
|
|
| |
13,969 |
14,735 |
24,480 |
21,846 |
| |
|
|
|
|
| Fees and commissions |
4,315 |
3,136 |
10,128 |
5,472 |
| Foreign exchange revaluation gains, net |
773 |
1,208 |
1,462 |
4,028 |
| Share of profits in associated companies |
5,505 |
5,221 |
11,356 |
9,882 |
|
|
|
|
|
| Total Income |
24,562 |
24,300 |
47,426 |
41,228 |
| Interest expenses |
(4,571) |
(4,235) |
(9,001) |
(8,496) |
|
|
|
|
|
| Operating income before expenses and
provisions |
19,991 |
20,065 |
38,425 |
32,732 |
| |
|
|
|
|
| Salaries and benefits |
(3,705) |
(3,488) |
(7,850) |
(6,719) |
| General and administrative expenses |
(3,086) |
(1,668) |
(5,302) |
(3,583) |
| Amortisation of goodwill, net |
(246) |
(231) |
(492) |
(114) |
|
|
|
|
|
| Operating income before provisions |
12,954 |
14,678 |
24,781 |
22,316 |
| |
|
|
|
|
| Writeback / (provision) for doubtful loans and
guarantees |
983 |
(1,655) |
3,598 |
(1,656) |
| Provision for non-trading investments |
- |
(3,000) |
- |
(4,129) |
|
|
|
|
|
| Income for the period before minority
interest |
13,937 |
10,023 |
28,379 |
16,531 |
| |
|
|
|
|
| Minority interest |
(2,325) |
(697) |
(5,369) |
(1,176) |
|
|
|
|
|
| NET INCOME FOR THE PERIOD |
11,612 |
9,326 |
23,010 |
15,355 |
|
|
|
|
|
| Weighted average number of shares |
764,044 |
764,044 |
764,044 |
764,044 |
|
|
|
|
|
| Basic earnings per share (US cents) |
1.52 |
1.22 |
3.01 |
2.01 |
|
|
|
|
|
 |
|
