Chalked up net loss of J$111.18 million

Durrant Pate/ Contributor

Sagicor Select Fund Manufacturing & Distribution (SELECTMD) incurred one of its poorest quarters chalking up net investment loss of J$104.48 million for the March 2023 quarter.

This poor performance erases the net income of J$264.86 million booked March last year. The administrators of the select fund say, “This negative performance is due to economic uncertainty globally and rising interest rates.”

The financial highlights of the fund are as follows:

o   Interest income amounted to J$2.50 million (2022: J$244,000).

o   Dividend income closed at J$27.54 million (2022: J$27.27 million).

o   Net gain in fair value on financial assets at fair value through profit or loss closed at a loss of J$134.51 million versus a profit of J$237.32 million booked for the comparable period in 2022.

o   Net foreign currency gains or losses and other income closed March 2023 at nil compared to $21,000 in 2022. 

Expenses declined marginally

Total expenses for the quarter under review closed at J$6.70 million while for the same quarter in 2022, total expenses amounted to J$8.39 million. Of this, administration expenses equalled J$6.70 million for the March 2023 quarter (2022: J$8.39 million).

Consequently, net loss for March 2023 amounted to J$111.18 million, compared to a net profit of $256.47 million March 2022. Loss per share for the period under review amounted to J$0.03, while for the 2022 first quarter, earnings per share totalled J$0.07. 

SELECTMD price traded last week at a price of J$0.56. Total assets, as at March 2023, amounted to J$3.91 billion (2022: J$4.34 billion), a 10% decrease. 

Of this, Cash and Cash Equivalents closed at J$183.12 million (2022: J$69.71 million), and ‘Financial assets at fair value through profit or loss’ totalled J$3.72 billion (2022: J$4.26 billion).

SELECTMD, as at March 31, 2023, booked shareholders’ equity of J$3.90 billion versus J$4.32 billion booked 2022. Book value per share for the three months amounted to J$1.02 (2022: J$1.13).