EMPOWERMENT investment holding company Brimstone reported a 103% surge in operating profit for the half year to June as subsidiaries either regained losses incurred in the previous comparative period, or benefited from adjustments to their fair value.Operating profits rose to R123.2m from R60.6m in the six months to June 2015, as its insurance investments reduced losses from R110m to R9.7m.CEO Mustaq Brey attributed this to a turnaround at short-term insurer Lion of Africa, long a problem for the group."This business saw a turnaround in the period with the more stringent risk acceptance procedures and the deployment of a new experienced executive team," he said. "Lion of Africa is now firmly on the right track as it claws its way back into the market and reclaims its position as a truly South African insurer."Operating profit waned at fishing subsidiary Sea Harvest, associate Oceana, and clothing subsidiary House of Monatic, while its investment portfolio — comprising shares such as...
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