Alexander Forbes: Continuing loss down after disposals

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After getting rid of a number of its non-core and sub-scale investments, Alexander Forbes Equity Holdings posted a 12 percent increase in profit from continuing operations before non-trading items to R1 billion in the year to March. Income from continuing operations, net of direct product costs, increased by 18 percent to R4.4 billion. After accounting for non-trading items and finance charges, the profit before tax from continuing operations was R324 million, significantly ahead of the R94m reported in the previous financial year. The annual loss from continuing operations narrowed to R37m from R98m. During the year, the company disposed of some investments in the UK, Europe and South Africa. Disposal of the Guardrisk group was concluded on March 3. Alexander Forbes said it was now well positioned to strengthen its core businesses and grow. Alexander Forbes Preference Share Investments fell 1.59 percent to R9.30. – Londiwe Buthelezi

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