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Proven Investments profit spikes in June quarter

Published:Sunday | July 31, 2016 | 12:00 AMSteven Jackson

Proven Investments Limited made a profit of US$1.97 million, or 0.36 cents per share, at the quarter ending June, compared to 27 cents per share in the prior year.

This represents an annualised return on equity of 12.35 per cent for the quarter.

Proven Investments also experienced top-line growth in, with a 25.71 per cent spike in net revenue to US$7.1 million compared to US$5.64 million in the June 2015 period.

The increase in net revenue was the result of the increase in fees and commissions and foreign exchange gains as a result of the strengthening of the US dollar over the quarter, the company said.

The investment outfit is also flush with cash and plans to spend invest at least US$15 million on three regional private equity deals this financial year amid a search for other prospective deals.

Two of the private equity opportunities are in Haiti and the third in the Eastern Caribbean.

Proven also acquired a two-acre property in Millsborough, St Andrew, from the British High Commission, where it plans to build up to seven luxury homes.