Currency rate hampers Old Mutual.
The South African group, which runs the private client stockbrokers Gerrard (which has a Newcastle office) said trading in the first four months of this year followed similar patterns to those seen in the last quarter of 2002.
In a trading update the group said strong earnings growth in the US, as profit from sales made last year flowed through, was offset by lower profits in share-oriented businesses and the currency translation losses in its South African banking arm.
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|Publication:||The Journal (Newcastle, England)|
|Date:||May 17, 2003|
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