LONDON, Nov. 5, 2001 (PRIMEZONE) -- London Pacific Group Limited (NYSE:LDP) (LSE:LPG) today reported a consolidated net loss for the quarter ended Sept. 30, 2001 of $144.4 million, or $(2.85) per diluted share and ADR, compared with net income of $29.1 million, or $0.47 per diluted share and ADR, for the third quarter of 2000.
For the nine months ended Sept. 30, 2001, the consolidated net loss was $295.3 million, or $(5.78) per diluted share and ADR, compared with $313.4 million of net income, or $5.16 per diluted share and ADR, for the same period in 2000.
London Pacific Group Limited, based in Jersey, Channel Islands, is a financial services company with four business areas: annuities, financial advisory services, asset management and venture capital management. London Pacific's operating companies gather assets through their distribution networks in the U.S. and U.K.
-- Net realized and unrealized investment losses of $158.7 million were responsible for the third quarter loss due to the declines in the values of listed technology holdings, as well as the write off of several private investment holdings. The most significant public technology stocks, held by Group operating companies at the end of the quarter, were New Focus (4,615,386 shares valued at $14.9 million) and Packeteer (2,446,302 shares valued at $7.8 million).
-- Book value per share was $5.25 as of September 30, 2001, reflecting the net asset value of the Group after the deduction of the cost of the shares held by the employee benefit trusts, and reflecting the number of shares in issue excluding the shares held by the employee benefit trusts.
-- Assets under management, consulting or administration as of September 30, 2001 were $5.4 billion, up from $4.9 billion as of December 31, 2000.
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