Small profit made during the second quarter of 2021

Sagicor Select Financial Fund has reversed the $1.8-billion losses chalked up last year to post a small profit during the second quarter of its financial year.

Net profit closed the six-month period ended June 30, 2021 at $18.24 million relative to a net loss of $1.80 billion last year. During the June quarter, net profit amounted to $72.94 million versus the net loss of $323.74 million booked last year.

For the six months ended June 30, 2021, Sagicor Select Financial Fund reported that dividend income was relatively flat at $38.49 million coming from the $38.35 million posted last year. Interest income closed the period under review at $536,000 relative to $562,000 posted last year.

Small gains made on financial assets

Gain on sale of financial assets at fair value through profit amounted to $341,000 relative to a loss of $1.82 billion booked last year. Net investment income amounted to $39.37 million relative to a net investment loss of $1.78 billion booked last year.

Net foreign currency gains and other income amounted to $226,000 relative to $64,000 in 2020. As such, total revenue for the period under review equated to $39.59 million relative to total loss of $1.78 billion the previous year.

The total income for the quarter amounted to $88.21 million relative to total loss of $318.01 million twelve months earlier. Total expenses for the six months period closed at $21.35 million (2020: $21.07 million), while for the June quarter, expenses amounted to $15.26 million (2020: $5.73 million).Total assets, as at June 30, 2021, amounted to $4.39 billion (2020: $4.15 billion). Of this, financial assets at fair value through profit or loss totalled $4.29 billion (2020: $4.05 billion.