For the six months ended June 30, 2001, the consolidated net loss was $150.8 million, or $(2.94) per diluted share and ADR, compared with $284.3 million of net income, or $4.72 per diluted share and ADR, for the same period in 2000.
Arthur I. Trueger, London Pacific Group executive chairman, said: It is a pleasure to report a profit in the second quarter to shareholders. This comes mainly as a result of equity market improvements after what appears to have been an equity market low point in April. Sales of annuity products continue to be strong and London Pacific Advisors announced two significant institutional relationships.
London Pacific Group Limited, based in Jersey, Channel Islands, is a financial services company with four business areas: annuities, financial advisory services, asset management and venture capital management. London Pacific’s operating companies gather assets through their distribution networks in the U.S. and U.K.
Net realized and unrealized investment gains of $32.3 million were responsible for the second quarter net income due to the improvements in the values of listed technology holdings. Finisar Corporation acquired Shomiti Systems during the period. The most significant public technology stocks, held by Group operating companies at the end of the quarter, were Saba Software (2,456,151 shares valued at $40.3 million), New Focus (4,615,386 shares valued at $38.1 million) and Packeteer (2,446,302 shares valued at $30.7 million).
Book value per share was $7.42 as of June 30, 2001, reflecting the net asset value of the Group before the deduction of the cost of the shares held by the employee benefit trusts.
Assets under management, consulting or administration as of June 30, 2001 were $5.7 billion, up from $4.6 billion as of March 31, 2001, after the addition of new institutional business at London Pacific Advisors (LPA).
Since the end of the first quarter of 2001, LPA has announced new institutional relationships with Wells Fargo and CSFBdirect Institutional for LPA’s web-based investment consulting services.
