Goran continues slow climb out of red

Despite posting a loss for the third quarter 2002, Toronto-based Goran Capital (TSE: GNC; OTCBB: GNCNF) seems poised for a rebound. This year’s net loss of $3.32 million, or $0.62 per share, for the quarter ending September 30 is a vast improvement over the loss of $9.04 million, or $1.57 per share, reported last year for the same period.On preferred securities, the quarterly loss is $1.24 million, or $0.23 per share, versus a loss of $6.56 million, or $1.14 per share, reported in Q3 2001.Year-to-date, the company reports a net loss of $17.68 million, or $3.28 per share, compared to a $24.68 million loss, translating to $3.90 per share, for the first nine months of 2001.On preferred securities the year-to-date net loss is $11.61 million, or $2.15 per share, versus a loss of $14.8 million, or $2.57 per share, at the same point last year.Goran owns specialty insurance companies, primarily in non-standard auto, and is parent company of Toronto-based Granite Insurance, as well as several U.S. subsidiaries and a Barbados-based reinsurance company.