Reykjavik (IFN) Atorka Group's, parent company, profit before tax in the first six months of 2006 amounted to ISK4.9 billion (EUR55 million), compared to a pre-tax profit of ISK418 million (EUR4.7 million) in the same period in 2005.
Profits in the second quarter amounted to ISK856 million after taxes, compared to a loss of ISK241 million in the same quarter 2005.
Atorka's profit was considerably higher than analysts had predicted, but Landsbanki had predicted a ISK522 million profit.
Shareholder equity as of 30 June 2006 was ISK 15.982 million and annualised ROE was about 95%.
?Atorka Group's successful performance in the first half of this year is especially gratifying in view of developments on equity markets. Profit has increased substantially over that of first half of 2005, and the company's private equity projects also grown sizeably, currently comprising around 80% of its asset portfolio," said Atorka's chief excecutive Magnus Jonsson.
"Atorka will set its sights on new projects in the months and years ahead, as well as continuing to encourage the further growth of the companies which currently comprise its portfolio. Over the next 6-12 months, Atorka can be expected to exit at least one of its private equity projects, either by a floating, make a trade sale og sell the company to another investor," he added.
Atorka Group is an international investment company, listed on the Icelandic Stock Exchange.
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