Financial conglomerate JMMB Group Limited reported a net loss of $1.5 billion for the June quarter, primarily due to a one-off share of losses from its associate.
In its first-quarter financial report, the company said the positive core operations was achieved from the net loss that its associated company, Sagicor Financial Company Limited suffered.
The group owns 23.6 percent of Sagicor Financial, an insurance conglomerate with reach across the Caribbean, the United States, and Canada.
JMMB said the associate loss was mainly on account of market-to-market and actuarial adjustments.
Net operating revenue for the group declined by 19 percent to $5.66 billion.
The group now has total assets of 680 billion, inclusive of shrinking capital of 50.8 billion, down from 56 billion when compared with the corresponding period last year.
All feeds
