Gary Peart, Chief Executive Officer of Mayberry Investments Limited, is projecting to record improved profitability for the remainder of the financial year through increased revenues, while maintaining tight control over operational costs.
This as Mayberry Group reported an after-tax profit of just J$4.29 million for the half-year ended 30th June 2017 and profit after tax for the 2nd quarter of only J$3.68 million, a decrease of J$173 million over the corresponding quarter in 2016.
Total comprehensive income for the quarter was also down 94% coming in at J$49.8 million, compared to J$798.2 million for the corresponding quarter in 2016,
Reporting to shareholders in the company’s just released quarterly report, Mr. Peart indicated that during the quarter, they experienced mixed revenue performance, as they remained focused on maintaining a diversified revenue stream while minimizing risks.
There were increases in fees, commission income and net trading gains, countered by reductions in unrealized gains on investments and net interest income. The decrease in net interest income was as a result of the strategic reduction in the size the fixed income portfolio, while increasing the equities portfolio he said.
On a somewhat brighter side the company’s share of profit in associated companies increased by J$16.56 million or 190%, compared to the corresponding quarter in 2016, moving from $8.71 million to $25.27 million.
The Mayberry group has investments in four associate companies spanning the trading and financial sectors, with a book value totaling JA$1.34 billion at June 30, 2017. BM