The GlobalCapitalGroup said today that it made a loss after tax of €760,744 in 2009, compared to a loss after tax of €6,886,162 for 2008.

It said that its investment portfolio had returned a better performance, in comparison to the losses sustained during 2008. The group’s gains arising from unrealised fair value movements during 2009 totalled €2,606,856 compared to the loss of €6,513,318 during 2008.

The group’s goodwill impairment charge amounted to €541,027 for 2009 compared to €1,228,715 for the prior year.

"During the year under review, the group has continued to experience a slowdown in the sale of investment products primarily as a result of the cautious attitude towards investing adopted by investors and the shift towards local investments particularly local corporate bonds which reduces the average weighting of the commission earned from such sales," GlobalCapital said.

The operating results of the group’s business of insurance mitigated further losses in the investment services business with a profit of €1,974,278 in 2009. This sector had a negative balance of €2,215,761 in 2008. On the other hand, the value of in-force business in 2009 decreased by €221,538 compared to the increase of €1,271,282 in 2008.

The group’s agency and brokerage business yielded a pre-tax profit of €352,687, compared to €622,810 in 2008.

The directors are not recommending a dividend, There was also no dividend in 2008.