Aug 2007 Financial News

Furness Releases Half Year Results

Aug 20, 2007

Results for the Half Year Ended June 30, 2007

For the Half Year Ended June 30, 2007, Furness Trinidad Limited (FUR) reported Earnings Per Share (EPS) of $0.36 up 5 cents or 16.13 per cent on the corresponding period in FY06.

Gross Turnover for the period under review was $40.13 million, up 68.24 per cent or $16.28 million on the same period in the last financial year. Group Trading Profit ended HY07 at $5.97 million compared to $5.04 million for HY06, an increase of 18.43 per cent or $0.93 million.

The Effective Tax Rate for the Half Year Ended June 30, 2007 was 25.67 per cent compared to a similar Tax Rate of 25.49 per cent for the Half Year Ended June 30, 2006. Thus, Net Profit After Taxation was $4.44 million, up a healthy 18.13 per cent or $0.68 million on the same figure for FY06.

Minority Interest ended the period at $0.08 million, a considerable increase of 162.07 per cent or $0.05 million on the comparable period in the last financial year. As a result, Group Profit Attributable to Shareholders was $4.36 million, up 17.01 per cent on $3.73 million for HY06.

The Group Chief Executive Officer has attributed the growth to improved performances of subsidiaries, especially the General Insurance Operation which grew by over 385 per cent.

We are maintaining our Forecasted EPS of 80 cents for FY07 and remind investors that Furness shares have not traded on the floor of the Stock Exchange since March 11, 2005.

Gia Singh
WISE Equity Research Team