QWI Investments has reported a total comprehensive loss of $41 million for the quarter ended December 31 last year.
The company says the loss came mainly from a $26.9 million decline in the value of its investment securities and $6 million in unrealised foreign exchange losses. This was partly offset by $7.3 million in dividend income.
The result represents a sharp deterioration compared with the $7 million loss recorded in the same period a year earlier.
Total expenses rose to $26.8 million, driven largely by higher administrative costs.
As a result, QWI recorded a loss before tax of $52.7 million. After a tax credit, the company closed the quarter with a total comprehensive loss of about $40 million.
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