Valartis Group AG has reported operating income of CHF 21.9 million ($23.9m) in the first half of 2014, going down 30% from CHF 31.3m year-on-year.
The Swiss group posted a group loss for continued operations of CHF11.2m in the first six months of the year.
For continued and discontinued operations, the consolidated statement shows an overall group loss of CHF 20.7 m, after consideration of non-recurring, and exceptional factors including a depreciation of CHF 7.3 m relating to the divestment of Valartis Bank AG, Switzerland.
However, continued operations posted net new client assets inflow amounting to CHF 144m, down 52%, and client assets under management rose to CHF 6.2 billion, from CHF 5.9bn year-on-year.
Total client assets managed by Valartis Group in continued and discontinued operations amount to CHF 8.0 bn as at 30 June 2014, from CHF 7.9 bn same period last year.
Gustav Stenbolt, Group CEO, said: «We have done our homework and with foresight initiated a process of transformation and streamlined our structures in order to be capable of meeting the future economic and regulatory challenges which we will face. Based on the new settings, from the current point of view, we are assured that Valartis Group will once again achieve profit from operational business activities, after 2013 and 2014 being years of adjustments for the Group.»
On May 2014, Banque Cramer & Cie, a subsidiary of Norinvest Holding, acquired both Valartis Bank AG and Valartis Wealth Management, with Valartis Group taking up a 25% stake in Norinvest.