Investeringsselskabet Luxor A/S announced group earnings results for the second quarter and half year ended March 31, 2014. For the quarter, total income was DKK 16,596,000 against DKK 11,089,000 a year ago. Profit before tax was DKK 2,459,000 against DKK 2,959,000 a year ago. Net profit for the period was DKK 1,845,000 or DKK 1.8 per diluted share against DKK 2,205,000 or DKK 2.2 per diluted share a year ago. Basic earnings amounted to DKK 0.6 million against basic loss of DKK 1.3 million, which is lower than expected. The lower basic earnings are primarily attributable to
slower normalisation of losses and adjustment for credit risk on mortgage deeds.

For the half year, total income was DKK 30,699,000 against DKK 29,231,000 a year ago. Profit before tax was DKK 7,143,000 against DKK 5,460,000 a year ago. Net profit for the period was DKK 5,367,000 or DKK 5.4 per diluted share against DKK 4,095,000 or DKK 4.1 per diluted share a year ago. Cash flows from operating activities was DKK 18,984,000 against DKK 12,168,000 a year ago. Basic earnings were DKK 3.3 million against DKK 0.3 million a year ago. Return on equity was 2.64% against 2.05% a year ago.

Considering the results announced and the progress until May 22, 2014 of the third quarter of the financial year, the expected results for the year before tax are maintained at DKK 15.0 - 20.0 million as a result of positive fair value adjustments on bonds and gain on the sale of property held for sale in the third quarter of the financial year. The expectation presupposes stable conditions as regards interest, securities and foreign exchange. Basic earnings are included in the above-mentioned expectations with DKK 9.0 - 13.0 million against previously DKK 12.0 - 16.0 million.