Its profit for the six months to 30 June – the latest period for which figures have been published – was £5.7million (Lita 25.5m). However, the majority of that profit was made in the first three months of the year, with just £1.1m coming from the pe
riod between April and June. The group has not divulged what made its performance worse during this latter period.
Where does UBIG make its money?Its main activities are in financial asset management, where it generated a profit of £12.4m in the first six months of the year.
Its "typical operations", which are understood to include its mining activities in central and eastern Europe, made a loss of £6.7m.
The gross loss figure for the non-financial operations showed that its sales were £1.9m less than the costs it incurred in making the sales.
In addition to Hearts, the group also has interests in two other football clubs and in real estate, tourism and engineering activities, among other things.
How strong are its assets?UBIG's share capital is £48.6m, while it has reserves of £42.4m. Industry analysts say that, with short-term liabilities totalling around £55m at present, it is in a relatively healthy position.
What do Hearts owe to UBIG? Hearts, who are run as a subsidiary of UBIG when Vladimir Romanov bought the club over, are understood to owe their parent company £13m.
The full article contains 245 words and appears in The Scotsman newspaper.
