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Colina in $2.3m loss as COVID-19 bites

A BISX-listed life and health insurer yesterday disclosed that ordinary shareholders suffered a $2.3m net loss for the 2020 first quarter as COVID-19’s economic impact started to bite. Colina Holdings Bahamas, the parent company for Colina Insurance

BOB takes $6.3m hit over Gov't downgrade

Bank of The Bahamas' was forced by the Moody's 'junk' downgrade of the Government's sovereign creditworthiness to take a $6.3m provisioning hit, its managing director said yesterday.

Ayton and Suns squander 24-point lead in loss to Nets

DEANDRE Ayton and the Phoenix Suns nearly had a perfect ending to their six-game homestand, but squandered a 24-point second half lead in a loss to the New Jersey Nets on Tuesday night.

Arawak port predicts 20% profits plummet

New Providence's major commercial shipping port is projecting a near-20 percent year-over-year profit decline for its current financial year as COVID-19 depresses demand for cargo imports.

COVID lockdown's $1bn tourism blow

The Bahamas lost around $1bn in tourism earnings at the COVID-19 lockdown's peak as this nation became a "net payer" for travel-related services for likely the first time in its history.

Doctors Hospital in 'second record' before COVID-19

Doctors Hospital says a 30.4 percent cut in losses at its Blake Road facility, combined with increased patient revenues, drove a “second consecutive year of record” financial results during the 12 months to end-January. The medical services provider

Colina suffers 96% fall on investment income

A BISX-listed life and health insurer has revealed that 2020 first-half profits were down $3m year-over-year after its investment income plummeted 96 percent due to COVID-19's impact. Colina Holdings (Bahamas), the parent of Colina Insurance Company

Foreign reserves take $45m hit, the Central Bank reports

The Central Bank says foreign reserves contracted in the month of July by $45m and will continue to fall on the back of weak tourism demand as they also forecast the economy will continue on this path for the reminder of the year.

COVID alcohol bar cuts Brewery revenue 48%

Commonwealth Brewery has disclosed that the COVID-19-related bar on alcohol sales slashed its 2020 second quarter revenues by 48 percent year-over-year, dropping it to a $3.16m first half net loss.

Colina shareholders see 77% profits cut

Colina Holdings (Bahamas) has blamed the damage inflicted by COVID-19 on the value of its investment holdings for a 76.6 percent comprehensive income drop for the nine months to end-September.

Ministers hails 'unprecedented' $140m social protection net

A Cabinet minister yesterday hailed the 2020-2021 Budget’s expanded $140m social safety net as “an unprecedented measure for an unprecedented time”. Frankie Campbell, minister for social services and urban development, told the House of Assembly dur

RBC OPENS NEW OFFICE AT ALBANY

Royal Bank of Canada (RBC) has moved closer to its high net worth clients by opening an office at Albany to serve such customers.

AML Foods shrugs off pandemic with $7m profits swing

AML Foods has received a further $2m boost from Hurricane Dorian insurance recoveries as it posted a more than $1.6m bottom line reversal into the black for its just-ended 2021 second quarter.

Fidelity: ‘We’ll recapture $10m COVID provisions’

A BISX-listed bank yesterday said it ultimately expects to recover two-thirds of last year’s $15m loan loss provision increase as it bids to shrug-off COVID-19 by more than doubling profits in 2021.

Cable pledges 'remedy' over Aliv $60m bond

Cable Bahamas' top executive yesterday said itself and the Government will "remedy any challenges" caused by non-compliance with covenants related to $60m in bonds issued on Aliv's behalf.

BOB: ‘Break even excellent’ for 2021

Bank of The Bahamas’ top executive says it will “be excellent” if its closes its 2021 financial year in a “break even” position after incurring $20m in loan loss provisions over the past two years.

Insurer: ‘No full blown rate increases’ in 2021

Bahamas First’s top executive yesterday said the general insurer has no plans for “a large, full blown rate increase across the board” in 2021 after more than a year of post-Dorian hikes.

CIBC suffers major loss amid $94m dividend wait

CIBC FirstCaribbean International Bank (Bahamas) plunged to a $63.543m net loss for the year to end-October 2020 as it awaits permission to pay almost $94m in total dividends to shareholders.

Cavalier collapse took down affiliate

Cavalier Construction’s insolvency took down its equipment supplier affiliate even though the latter had generated a net profit in each of the previous four years, its liquidators have revealed.

Grand Lucayan waiting on $20m Dorian claim

The Grand Lucayan has yet to receive its expected $20m Hurricane Dorian insurance claim payout even though the property’s sale to the Royal Caribbean/ITM joint venture was completed over two months ago. Michael Scott, chairman of Lucayan Renewal Hol

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