Atlas Mara Limited, African financial services group, incorporated in the British Virgin Islands, has released its Interim Management Statement for the first quarter ended 31 March 2016. The BVI group reported a loss of US$2 million for this period, compared to US$9 million profit for the same quarter last year; loss after tax was US$6.7 million, compared to US$0.5 million profit in 2015. Also, it stated that it continues to target for 2016 full-year results but recognizes that weaker African currencies and challenging economic situation can make some changes to the outcome.
After the company published the Statement, its shares fell 2 percent in London, to US$4.85. This year, they are down 7.6 per cent. Since its initial public offering in 2013, Atlas Mara has lost more than half of its value.
Atlas Mara has suffered from the impact of weakening Chinese economy on the commodity prices, as well as declining African currencies and higher provisions for souring corporate loans in Zimbabwe.