Goran results highlight ongoing woes

Toronto-based Goran Capital Inc. (TSX: GNC) came home with a disappointing performance for the second quarter of 2002. For the three months of the company’s financial year to end June, Goran suffered a net loss of $8.4 million, worse than the $6.1 million loss from last year’s second quarter. The latest loss amounted to 155 a share compared with the 105 a share loss reported for the same period the year prior.

The company,s half-year results are actually better than last year with a net loss of $14.4 million, or 265 a share, for the first six months of 2002 against a net loss of $15.6 million, or 271 a share, for the same period last year. Goran is the parent of Toronto-based Granite Insurance Co. as well as U.S. subsidiaries and a Barbados-based reinsurance operation. The company focuses on non-standard auto.