Eagle Summit Corporation posted positive financial results for the last quarter of last year despite the global financial crisis that have swept the world and regional economies. The Company reported a net profit of USD 12 million for the fourth quarter of 2010 compared to USD 9.8 million for the same period last year. Eagle Summit Corporation’s assets increased by 3.6% compared to the end of 2009, while its capital adequacy ratio reached 55%.
The President of Eagle Summit Corporation, Mr. Stanley Jones, commented on the financial results, saying: "we have applied a cost reduction policy to reduce administrative and operational expenses, and we followed a prudent and diversified policy of investing across a range of sectors such as medical and industrial services, information technology, shipping and the mining sector. Venture Capital investments are of long term nature with exit periods that could reach up to seven years. We are confident of achieving more positive results in the coming difficult and challenging period and to demonstrate that the Eagle Summit Corporation's business model actually improves the regional economies through investment in small and medium-sized companies, creating distinct success stories”.
From his side, Board Member and CEO of Eagle Summit Corporation, Mr. Anthony Iorio said: "the financial crisis had a negative impact on all investment sectors; however, the last six months of last year witnessed the conclusion of several deals that helped to strengthen our current investments.”
The level of profitability of Eagle Summit Corporation for the second half of 2010 reflects the prudent and diversified investment approach of The Company to invest across a diversified range of sectors as part of a realistic overview of the regional and world markets.
About Eagle Summit Corporation
Founded in 2005 and based in Cyprus, the goal at Eagle Summit Corp (eaglesummitcorp.com) is a simple one: to work with talented entrepreneurs and management teams to develop ground-breaking products and build substantial business enterprises around them. We have raised a series of partnerships, with current committed capital in excess of $450 million, and helped build hundreds of companies, 60 of which have gone on to successful IPOs and more than 45 of which have gone on to successful mergers.