Egg’s French losses wipe out British profits

LONDON, Feb 23 (AFP) – The British online bank Egg on Monday announced a doubling of annual losses after its French unit continued to wipe out profits achieved from its British operations.

Egg, put up for sale by its majority shareholder, British insurer Prudential, in January said pre-tax losses widened to GBP 34.4 million (EUR 51 million, USD 64 million) in the year to December 2003 from GBP 16.6 million a year earlier.

The loss was at the upper end of analyst expectations, which had ranged between GBP 26 million and GBP 35 million.

Operating profits from Egg’s British operations more than doubled to GBP 72.8 million in the year to December, while the French unit’s loss soared 91 percent to GBP 89.1 million over the same period.

Last month, Prudential announced it was in talks about a possible sale of its 79-percent stake in Egg.

© AFP

                                                              Subject: France news