Barita Investments is reporting a sharp decline in first quarter profit as Hurricane Melissa and global economic uncertainty weighed on capital market activity, even as the company moved ahead with a major acquisition aimed at
strengthening long-term earnings.
In its unaudited results for the quarter ended December 31, the investment house said net operating revenues fell 18% while net profit after tax dropped 62% to $211 million compared to the corresponding period last year.
Chairman Mark Myers said the hurricane significantly disrupted economic activity across Jamaica, dampening invest a confidence and slowing trading and investment opportunity.
Despite the quarter, Barita completed its acquisition of the JN Fund Managers Limited after receiving non-regulatory objection from the Financial Services Commission in December.
Full ownership and operational control took effect in January.
comments powered by Disqus
All feeds
