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Barita profit up 44%

Published:Monday | May 7, 2012 | 12:00 AM

The stock broking outfit Barita Investments Limited has reported a 44 per cent improvement in net profit to J$143 million for the six month period ending March 31, 2012.

During the corresponding period last year, the company recorded after tax profit of J$99 million.

"We continue to aggressively manage our costs as we seek to improve the efficiency of our organisation," said chair Rita Humphries-Lewin in her report to shareholders.

To that extent Barita said it saw a five percentage gain in its efficiency ratio.

With increases in net interest income and non-interest income, the company's total revenues for the six months was J$437 million compared to J$293 million the prior year, reflecting an increase of J$144 million or 49 per cent.

Net interest income increased by J$43 million or 20 per cent to J$258 million, while non-interest income, driven primarily by improved performance on equity trading and bond trading activities, grew by J$101 million or 130 per cent.

Asset and equity trading activities grew by 173 per cent and 82 per cent to J$123 million and J$42 million respectively.

Barita Investments, which has been in operation for some 34 years, has been a relatively quiet player in the industry although it is the oldest. Now it says it is moving to increase its visibility.

To that end, the company increased its advertising and public relations activities and thus saw its operating expenses for the review period increased to J$226 million compared with J$167 million the prior year.

Improvement in net profits resulted in earnings per share growing to J$0.32, up from J$0.22.

On its balance sheet, assets totalled J$14.2 billion, a slight decrease on the J$14.5 billion recorded during the corresponding period the previous year.