1.O.S. reports loss of $60.4m.

Press, Volume CXI, Issue 32635, 17 June 1971, Page 9

1.O.S. reports loss of $60.4m.

(N.Z.P.A.-Reuter—Copyright!

GENEVA, June 15.

Investors Overseas Services, Ltd (1.0.5.), the parent company of the Geneva-based mutual funds organisation, and its subsidiaries suffered a group net loss in 1970 of SUS6O.4m compared with a profit of SUSIO.3m in 1969, the company reports.

Its annual report said that SUS2O.9m of the 1970 loss figure consisted of extraordinary loss items. These .included sums written off, and provisions for litigation, and reorganisation. The annual report said that the provision for reorganisation covered relocation, and consolidation of certain 1.0.5. functions, and the termination of the employment of substantial numbers of 1.0.5. personnel. 1.0.5. said that although these moves were aimed at ultimately reducing costs,

they required significant expenditure in the short-term. The biggest part of the extraordinary losses item was a provision of sUSll.lm which was established to cover possible losses through 1.0.5. banking business. The provisions had been made to assure that if losses occurred in the fields covered, they would be charged against established reserves, and not against future operations. This would enable 1.0.5. to show more realistic operating results in the years to come.