Goran Capital’s second-quarter results highlight woes

Toronto-based Goran Capital Inc. (TSX: GNC) is reporting dismal results for the second quarter of 2002. For the three months ending June 30, the company suffered a net loss of $8.4 million, worse than the $6.1 million loss in last year’s second quarter. Net loss per share is $1.55 versus $1.05 for the same period last year.Net loss before taxes and distribution on preferred shares is $6.4 million, or $1.18 per share, versus a loss of $1.7 million or $0.30 per share in the second quarter of 2001.Half-year results are actually somewhat better than last year, with a net loss of $14.4 million, or $2.65 per share, for the first six months of 2002, against a net loss of $15.6, or $2.71 per share, for the same period last year. Net loss before taxes and distribution on preferred securities is $10.4 million, or $1.43 per share, at half-year 2002, compared to a loss of $8.3 million, or $1.43 per share, for the first half of 2001.Goran is the parent of Toronto-based Granite Insurance Company, as well as U.S. subsidiaries and a Barbados-based reinsurance operation. The company focuses on non-standard auto.