Guardian Group has announced $770 million in unaudited profit for the first quarter ended March 31, reflecting a $229 million increase over the $243 million reported for the same period last year.
The surge was primarily driven by a $651 million gain from the January 24 sale of its 100% stake in Toma Explote VBV which captured under the net profit from discounted operations.
Profit from continuing operations, however, declined by 47% year-over-year to $120 million, largely due to volatile investment markets and import tariff changes announced by the US government, which led to a $101 million or 68% drop in net fair value gains.
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