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Guardian Group net profit plummets 87 per cent

Arthur-Lok-Jack-4

Insurance and real estate giant the Guardian Group (Guardian Holdings Ltd) has seen its net profit after tax in 2013 plummet 87 per cent from 2012.

While the Port of Spain-based group of companies noted that its net after tax profit to shareholders at the end of 2013 stood at TT$46 million, this was a “decline of 87 per cent when compared to tt$353 million in 2012”.

In published financial statements to December 31, 2013 , group chairman Arthur Lok Jack said this “significant decline” was mainly due to a further and substantial write-down of TT$457 million of Guardian Group’s Pointe Simon asset in Martinique coupled with a realised loss of TT$30 million due to Jamaica’s national debt exchange as well as fair value losses of TT$27 million.

Published in the Jamaica Observer
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