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Proven Investments Reporting Marginal Growth In Net Revenues & A 42.53% Decline In Net Profits To June 2017

Proven Investments Reporting Marginal Growth In Net Revenues & A 42.53% Decline In Net Profits To June 2017

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Proven Investments Limited is reporting marginal growth in Net Revenues for the quarter ended June 30, 2017, with a 2.97% increase to US$7.30 million compared to US$7.09 million earned during the same period last year.

Spread income was the major contributor to revenue during the period, with a 22.78% improvement compared with the same period last year.

Net interest income totaled US$4.51 million compared to $3.67 million in the quarter ending June 2016.

Dividend income decreased by 34.51% to US$0.24 million from US$0.37 million reported for the same period last year, due to the realignment of the investment portfolio during the period.

Net Profit attributable to shareholders for the period amounted to US$1.13 million, representing a 42.53% decline from the US$1.97 million earned in the same period last year.

The reduction in Net Profit attributable to shareholders was primarily as a result of a $1.1 million decrease in net foreign exchange gains when compared with the same period last year.

Access Financial Services Limited contributed considerably to the results of the Group, producing net profits of US$1.32 million, representing a 1.87% increase in US dollar terms compared to the same quarter last year.

The Board of Directors has approved an interim dividend payment of US$0.0015 per share to all ordinary shareholders on record as August 11, 2017 to be paid on August 25, 2017.

This represents an annualized tax-free dividend yield of 2.14% based on the average share price of US$0.28 for the quarter ended June 30, 2017. BM

To view full Proven Investments Limited Unaudited Financial Statements for the Quarter Ended June 30, 2017  report click HERE