QWI is reporting a net loss of $55.1 million in the fourth quarter ending in September, reversing the $56 million net profit reported for the third quarter to June.
That was attributed to the sharp increase in the price of stationery and office supplies following the announcement of a stock split.
The company says market conditions in Jamaica during the quarter and the fiscal year to date have generally been unfavourable and resulted in significant unrealised losses in the portfolio, due in part to seasonal factors and the impact of higher interest rates.
QWI Investments argued that it started the fiscal year ending in September with much promise but ended at a break-even position that was well above the loss incurred last year.
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