Mayberry Jamaican Equities hit by steep unrealised losses as market dips

 

Mayberry Jamaican Equities says it recorded $899 million in unrealised losses on its investment in Jamaica Broilers Group after that company's stock price fell by 53% last year. 

 

Unrealised losses referred to paper losses caused by a decline in the market value of investments that are not recognised until the assets are sold. 

 

Mayberry says total unrealised losses on its financial instruments reached $1.22 billion while losses on companies in which it holds equity investments amounted to $3.2 billion. 

 

Together these contributed to the company posting an overall net loss of $4.93 billion for the year. 

 

The sharp declining Jamaica Broilers' share price prompted Mayberry Chairman Christopher Berry to say he is shocked and disappointed by developments at the company's US subsidiary. Accounting irregularities at that subsidiary led to a $46-billion restatement of accounts and a net loss of $7.2 billion last year.