CBZ Holdings after tax profits for the half year to June 30 2013
declined by 13 percent to $16 million weighed down by a two-fold
increase in the charge for impairment and interest expense. The charge
for impairment doubled from $3 million to $6,6 million, diluting the
increase in total income, which rose from $64 million to $69,1 million
during the interim period.
The flagship, CBZ Bank Limited's after
tax profits for the period also slowed down, dipping by 38,4 percent to
$8 million weighed down largely by a sharp increase in interest
expenses.
Profits came down significantly despite an increase in
interest income from $63,2 million to $71,2 million during the interim
period.
Basic earnings per share eased from US5,84c in the first
half of 2012 to US5,64c in the half to June 2013. While profitability
declined, on the basis of the latest set of unaudited results, investors
still have kept strong faith in the group's viability.
CBZ
chairman Mr Luxon Zembe said; "The group continued to show impressive
results which reflect sound execution of business plans."
CBZ's
share price closed the June interim period at US13,5c from US10c in
January, reaching a high of US16,5c in the intervening period. The Group
declared a $1,45 million dividend for the financial period under
review.
- herald
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