Business
Interim report
Interim report.
About this update from Worldsec Limited
[{"type":"text","content":"\n Worldsec Ld\n27 September 2006\n\n Worldsec Limited\n\n Interim Report for the six months ended 30 June 2006\n\n\n\nThe Directors submit the interim report on Worldsec Limited (the 'Company') and\nits subsidiaries (collectively known as the 'Group') for the six months ended 30\nJune 2006 (the 'Period').\n\nFor the six months ended 30 June 2006, the Group had a net loss of US$1,166,000\ncomprised of an operating loss of US$133,000 and the realization of US$1,033,000\nstanding on the currency translation reserve to the income statements. This\ncurrency translation reserve was the cumulative exchange differences arisen from\nthe translation of the Group's various foreign operating subsidiaries\ndenominated in the respective local currencies into U.S. dollars in the\nconsolidated financial statements in prior years. The realization of this\nreserve to the income statements in this financial period is in accordance with\nthe International Accounting Standard 21 and has no impact on the Group's net\nasset value. Excluding this one-off release of the reserve, the Group's\noperating loss of US$133,000 for the six months represented a decline in loss of\napproximately 39% when compared with an operating loss of US$218,000 for the\nsame period last year. The shareholders' funds of the Group stood at US$2.02\nmillion at the end of June 2006, compared to US$2.16 million at the end of\nDecember 2005.\n\nNoting the intention of Grand Acumen Holdings Limited, the new key shareholder,\nto maintain the Group in the securities investment businesses, the Board is\nactively looking into the process to reposition its current strategy.\nShareholders will be informed or approval sought (as necessary) as soon as\ndiscussion comes to fruition.\n\n\n\nBy order of the Board\n\n\nAlastair GUNN-FORBES\n\nNon-Executive Chairman\n\n27 September 2006\n\n\n\nCONSOLIDATED INCOME STATEMENT\n\nFOR THE PERIOD ENDED 30 JUNE 2006\n\n Unaudited Audited\n Six months ended Year ended\n Notes 30.6.2006 30.6.2005 31.12.2005\n US$'000 US$'000 US$'000\n\nGain on disposal of investments - 20 20\nRecovery of doubtful receivables 16 98 148\nInterest income 5 20 2 19\nOther income - 23 21\n\n 36 143 208\nStaff costs (67) (145) (289)\nImpairment losses - (87) -\nOther expenses (102) (128) (300)\n\nOperating loss (133) (217) (381)\nFinance costs 5 - (1) (1)\nLoss on disposal o...