Sygnus’ Profits Hit By Higher Interest Expenses & Fair Value Losses – Q2 Dec 2020 Results

Sygnus Credit Investments’ profits hit by higher interest expenses & fair value losses🤷‍♂️

◾️Mainly as a result of the timing of the use of debt, SCI’s core earnings, or net investment income was🔻 by -14.1% or US$133.3k
◾️Net profit was🔻by -58.1%😣or US$641.3k

The company provides non-traditional financing to medium-sized firms🏭🧑‍🏭across the Caribbean region.

Non-traditional forms of credit are more customized and flexible than traditional financing

These are its results for Q2 Dec 2020 

◾️Total investment income⬆️+5.4% or US$68.6k to US$1.35m
◾️Core revenues were negatively😣impacted by a significant growth in interest expense related to the timing of the use of debt to finance new investments
◾️After Q2 2020, SCI repaid US$11.6m in debt from its APO proceeds

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