DURBAN – Specialist financial services group Peregrine reaped the rewards of its diversification strategy with offshore operations contributing 56 percent of the group’s earnings for the six months to end September.
Last year the offshore operations contributed 38 percent of the group’s earnings.
Chief executive Robert Katz said yesterday the emerging markets had a volatile time during the period as investors sought better returns in safe haven assets and geographies.
“The currencies of several emerging markets depreciated against the US dollar, with the South African rand among the worst affected.
“Despite the difficult trading environment, the operating businesses of the Peregrine Group increased segmental earnings to R283 million from continuing operations,” Katz said.