Barita Investments Posts Before Tax Profits of Over $330m
Founder and Chairman of Barita Investments Limited, Rita Humphries-Lewin, is reporting for the financial year ending September 30, 2017 the company posted profit before tax just over $330-million.
Barita Investments posted $331-million, moving from an over 10-percent decline in interest income year-on-year to more than $1-billion.
Addressing shareholders, she reported that Net Pro?t was negatively impacted, despite a more than 26-percent increase in non-interest income, as the group incurred significant asset impairment charges assessed at over $100-million during the period.
Additionally, $18-million accrued interest was reversed.
As a result, net pro?t for the year declined 2-percent to over $200-million, generating earnings per share of 46 cents versus 47 cents reported for the 2015/16 financial year.
Without the impact of this impairment, the Group would have realised a net pro?t of over $300-million.