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BELIZE HOLDINGS REPORTS RECORD RESULTS FOR FISCAL YEAR 1993; NET INCOME UP 58 PERCENT; DIVIDEND INCREASED

 NEW YORK, June 17 /PRNewswire/ -- Belize Holdings Inc. (NASDAQ: BZHKF) a holding company with banking and financial service operations in Belize, as well as investments in telecommunications and other Belizean industries, reported that net income applicable to ordinary shares increased for fiscal year ended April 30, 1993 to $6.0 million, a 58 percent increase from fiscal 1992. Earnings per ordinary share increased to $1.21, a 33 percent increase over last year's results.
 Cash dividends for the year amounted to $0.25 per share compared with $0.20 in the prior year, an increase of 25 percent. For the first half of the current year a cash dividend of $0.15 per ordinary share has been declared and will be paid on Sept. 3, 1993, to shareholders of record on Aug. 13, 1993.
 The company's operations have remained focused on banking and financial services in Belize primarily through the operations of The Belize Bank Limited, but with increasing emphasis on fee-based services.
 During the year, the company acquired a 25 percent interest in Belize Electricity Limited, at a cost of $1.8 million and a 90 percent interest in a 110 room hotel operation in Belize City at a cost of $1.2 million as part of a continuing diversification program. In addition, the company has invested $5.5 million in 12 percent convertible redeemable debentures issued by Belize Electricity Limited.
 The company's balance sheet further strengthened during the year with total assets increasing 16 percent to $128 million. Shareholders' equity rose by 31 percent to $20 million resulting in a ratio to total assets of 15.7 percent versus 13.8 percent in 1992.
 Commenting on the results, Mr. Michael A. Ashcroft, chairman of the board, said "I am very pleased to report another year of record results for Belize Holdings in this our sixth year of operations. We have continued to successfully follow our diversification strategy whilst, at the same time, further developing our existing interests. The company is well positioned, financially and otherwise, to meet the challenges and growth opportunities of the year ahead both in Belize and, where appropriate, elsewhere."
 Banking and Financial Services
 Income from banking and financial services increased by 9 percent over fiscal 1992, a slower rate than in prior years due to a slowdown in lending growth by The Belize Bank Limited, in line with commercial banks generally during the period, and higher overhead costs arising from the company's investment in new staff and other expenses designed to enable the company to meet future development and expansion. Additionally higher depreciation costs were incurred as a result of the company's change to the straight-line method of depreciation.
 While net interest income of the banking operation grew by 9 percent over 1992, non-interest income continued to grow strongly, up 33 percent over 1992. Further expansion of fee-based service income is expected from the recent establishment of Belize Merchant Bank Limited, a wholly owned subsidiary of the company which will provide financial advisory services to both private and public sector clients in Belize.
 Belize Telecommunications Limited
 The equity share of net income from Belize Telecommunications Limited (BTL) is a significant component of the company's earnings. The increase in income during the year reflects the timing of shares acquired and growth in the underlying net income of BTL. The company's original investment, representing 10.94 percent of the ordinary share capital of BTL, was acquired in June and July 1990, and a further 14.05 percent was acquired on Feb. 21, 1992. The 1993 result reflects a full year's share of earnings at the 24.99 percent level.
 BTL's revenue increased by 12.7 percent in 1993 compared with a 13.0 percent growth rate in 1992, and net income applicable to ordinary shares increased by 18.2 percent compared with a 19.4 percent in the prior year.
 Other Investments
 The company's other investments, which include a 25 percent equity share of Belize Electricity Limited (from Jan. 15, 1993) as well as other minority investments in Belize businesses, including television broadcasting and company and ship registration, continued to perform to expectations.
 Directors
 During the past year the company welcomed Sir Edney Cain and Bowen Wells MP to the board of the company as non-executive directors.
 Sir Edney Cain has had a distinguished career in public service in Belize including positions as financial secretary, governor of Central Bank of Belize and the Belize High Commissioner in the United Kingdom.
 Bowen Wells MP has been a member of Parliament in the United Kingdom since 1979 and is currently Parliamentary Private Secretary in the Transport Department. Previously, Mr. Wells held senior positions with Commonwealth Development Corporation and held various positions in the Caribbean. Mr. Wells is chairman of the British Caribbean Group and is actively involved with Anglo-Caribbean affairs.
 Belize Holdings Inc., based in Belize City, Belize, was established in 1987, Belize Holdings is today the largest public company in Belize and the first Belizean company to list its shares on an international stock market. The company's principal subsidiary, The Belize Bank Limited, is the largest commercial banking operation in the country, and provides commercial banking services through its 11 branch nationwide network.
 Belize is situated on the Eastern coast of Central America and is bordered by Mexico and Guatemala. Total population is estimated at 200,000 spread across some 9,000 square miles of largely undeveloped land. The major exports are sugar, citrus, bananas, garments and marine products. Belize also has a significant tourist industry, particularly ecotourism, based increasingly on Belize's natural attractions (coral reefs and rain forests). Belize's emerging financial services industry is also expanding rapidly.
 BELIZE HOLDINGS INC.
 Summary of Results
 (In thousands, except per share amounts)
 Year Ended April 30 1993 1992 Percent
 Change
 Banking and financial services:
 Income before income taxes $4,119 $3,793 9
 Other operations:
 Income before income taxes 106 -- --
 Equity in net income of associated
 companies:
 Belize Telecommunications Limited 2,434 985 147
 Other investments 122 (184) --
 Other interest income/(expense) - net (331) 9 --
 Total company:
 Income before income taxes 6,450 4,603 40
 Net income applicable to ordinary shares 5,998 3,798 58
 Earnings per share $1.21 $0.91 33
 Weighted average number of ordinary
 shares outstanding(A) 4,941,016 4,166,835 --
 (A) Including A ordinary shares.
 BELIZE HOLDINGS INC.
 Consolidated Balance Sheet
 (U.S. dollars in thousands)
 4/30/93 4/30/92
 Assets
 Cash and due from banks $ 9,113 $ 8,092
 Interest-bearing deposits 11,656 8,420
 Government of Belize securities 4,133 7,627
 Other securities 5,486 2,000
 Loans (net of unearned interest) 69,839 68,696
 Less: allowance for loan losses (1,831) (1,896)
 Premises and equipment 14,014 5,539
 Investment in associated companies 13,966 10,639
 Other assets 1,623 1,397
 Total assets $127,999 $110,514
 Liabilities and Shareholders' Equity
 Deposits:
 Demand 20,613 13,094
 Savings 22,579 21,814
 Certificates of deposit 50,220 47,915
 Total 93,412 82,823
 Short-term debt 5,196 3,295
 Accrued expenses and other liabilities 4,496 2,127
 Surplus arising on acquisition 411 570
 Long-term debt 964 1,040
 Amounts due to related parties 3,481 5,356
 Commitments and contingent liabilities -- --
 Total 107,960 95,211
 Shareholders' Equity
 Share capital 49 49
 Additional paid-in capital 8,719 8,719
 Retained earnings 11,487 6,724
 Translation adjustment (216) (189)
 Total shareholders' equity 20,039 15,303
 Total liabilities & shareholders' equity $127,999 $110,514
 BELIZE HOLDINGS INC.
 Consolidated Statement of Income
 (US dollars in thousands, except per share amounts)
 Years ended April 30 1993 1992 1991
 Banking and Financial Services
 Interest income
 Interest and fees on loans $11,968 $10,454 $7,614
 Interest on deposits with banks 247 508 679
 Interest on Government of
 Belize securities 342 300 311
 Interest on other securities 153 -- --
 Total interest income 12,710 11,262 8,604
 Interest Expense
 Interest on deposits 4,950 4,597 3,580
 Interest on long-term debt 60 65 68
 Total interest expense 5,010 4,662 3,648
 Net interest income 7,700 6,600 4,956
 Provision for loan losses 637 559 83
 Net interest income after provision
 for loan losses 7,063 6,041 4,873
 Non interest income 2,619 1,965 1,436
 Non Interest Expenses
 Salaries and benefits 2,333 1,844 1,593
 Premises and equipment 1,237 909 838
 Other non-interest expenses 1,993 1,460 1,123
 Total non-interest expenses 5,563 4,213 3,554
 Income before income taxes -- banking
 and financial services 4,119 3,793 2,755
 Other Operations
 Revenues 1,833 -- --
 Operating costs 1,598 -- --
 Interest expense 129 -- --
 Income before income taxes
 - other operations 106 -- --
 Equity in net income of
 associated companies 2,556 801 481
 Other interest income 276 321 180
 Other interest expense 607 312 527
 Total company
 Income before income taxes 6,450 4,603 2,889
 Income tax expense 452 498 248
 Net income 5,998 4,105 2,641
 Preference dividends -- 307 182
 Net income applicable to Ordinary Shares 5,998 3,798 2,459
 Earnings per Ordinary Share $1.21 $0.91 $0.75
 -0- 6/17/93
 /CONTACT: Tom Franco of Broadgate Consultants, 212-229-2222, for Belize Holdings/
 (BZHKF)


CO: Belize Holdings Inc. ST: New York IN: SU: ERN DIV

TS-SM -- NY019 -- 3029 06/17/93 11:19 EDT
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