May 13, 2022
Sagicor Select Funds Limited (SELECTF), for the three months ended March 31, 2022 reported net investment loss of $121.21 million relative to a loss of $48.71 million booked March 31, 2021. This is comprised of:
Interest income which amounted to $214,000 (2021: $281,000).
Dividend income which closed at $14.74 million (2021: $16.15 million).
“Net changes in fair value on financial assets through profit or loss” reported a loss of $136.16 million versus a loss of $65.15 million booked for the comparable period in 2021.
Net foreign currency losses and other income closed the three months period at $16,000 relative to gains of $97,000 reported in 2021.
Total expenses for the three months period closed at $10.64 million, while for the same quarter in 2021, total expenses totalled $6.09 million. Of this, administration expenses equalled $10.64 million, (2021: $6.09 million) for the three months ended March 2022.
Consequently, net loss closed the three months period at $131.86 million, compared to a net loss of $54.70 million reported for the first quarter ended March 31, 2021.
Loss per share for the period under review amounted to $0.03, while for 2021 first quarter, loss per share totalled $0.01. The number of shares used in this calculation was 5,100,000,000 shares. SelectF price was last traded at a price of $0.50 on May 13, 2022.
Balance Sheet Highlights:
Total assets, as at March 2022, amounted to $4.01 billion (2021: $4.31 billion), a 7% decline. Of this, Cash and Cash Equivalents closed at $42.77 million (2021: $64.74 million), ‘Receivables’ amounted to $9.75 million (2021: $5.99 million) while ‘Financial assets at fair value through profit or loss’ totalled $3.96 billion (2021: $4.24 billion).
SelectF, as at March 31, 2022, booked shareholders’ equity of $3.99 billion versus the $4.30 billion booked 2021. Net asset value per share for the three months amounted to $0.78 (2021: $0.84).
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