Somers reports a $3.6m loss
Bermudian-based Somers Limited, a financial services investment holding company whose assets include Bermuda Commercial Bank, has reported a net loss of $3.6 million for the first quarter of 2019.
That takes Somers’ net loss for the six-month period ending March 31 to $20.4 million.
The company’s interim financial results were filed with the Bermuda Stock Exchange.
The first quarter 2019 net loss contrasts with net income of $18.5 million for the same period in 2018. Last year, the company reported net income of $34 million for the six-month period ending March 31.
The company lost $8.6 million on its investment portfolio in the first quarter of 2019, increasing its investment losses for the six-month period to $18.9 million. The company said the year-to-date loss was primarily due to decreased valuations in the company’s holdings in BCB, Waverton Investment Management Limited and PCF Group plc.
Somers reported an investment portfolio gain of $16.4 million during the first quarter of 2019, and a six-month period gain of $30.9 million.
The loss per share for the six-month period was $1.01. Last year, the company reported earnings per share of $1.73 for the same period. The company’s net asset value per share was $16.81 as at March 31, in contrast with $18.15 on September 30.
Somers reported total assets at March 31 of $404.2 million, with its investment in BCB valued at $84 million.
Shareholders’ equity ended the six-month period at $343.1 million in contrast to $364.1 million on September 30.
The company reported that it paid dividends in January of $5.8 million, of which $5.5 million was reinvested under the company’s dividend reinvestment plan. That resulted in the issuance of 357,666 shares, the company said, increasing the number of issued shares to 20,415,183 as at March 31.
The company’s board of directors has resolved to pay an interim dividend of 21 cents per share, the same as a year ago.
The company reported that, at March 31, directors and officers and their related interests had combined interests totalling 142,810 common shares. No rights to subscribe to shares or debt securities in the company were granted to, or exercised by, any director or officer of the company during the first quarter, the company said.
In February, Somers agreed to sell BCB to New York investment firm Permanent Capital. The deal is subject to approval from the Bermuda Monetary Authority, the financial-services regulator.
SFIR critical of immigration reform delays
Pettingill in contempt of court
Bermudian woman missing in Toronto
Caines approves permit for Buju
Eve’s moves and marks 25 years of sexy sales
Duperreault and Greenberg top pay rankings
DeSilva: Project Ride for all new motorists
No comment on civil servant’s status
Armed robbery at Belvin’s in Flatts
Take Our Poll