Nov 2016 Financial News

GHL profit increases by $49m

Nov 02, 2016

Guardian Holdings Limited (GHL) recorded profit attributable to equity shareholders of $260 million for the nine months ended September 30. This was an increase of $49 million or 23 per cent over the corresponding period last year.

The group’s latest consolidated financial statements, which were posted on the T&T Stock Exchange, show that net income from investing activities increased by $242 million, from $489 million in 2015, to $731 million, including favourable fair value movements of $139 million. 

In his statement to shareholders, chairman Henry Peter Ganteaume said: “As interest rates declined over the past few years, we deliberately built up a considerable cash portfolio so as to avoid committing to low yielding instruments into the long term. “It is therefore noteworthy that we experienced increases in income from all major investment classes, as we are beginning to derive the benefits of redeploying this stock of low yielding cash resources into stable, higher-yielding long-term instruments.” 

Ganteaume said in the aftermath of Hurricane Matthew the group has been been notified of claims but is yet to quantify GHL’s exposure, which will be accounted for in the fourth quarter of the year.

Source:
Trinidad Guardian
Wednesday November 2, 2016

http://www.guardian.co.tt/business/2016-11-01/ghl-profit-increases-49m