Nov 2010 Financial News

Mayberry net profit up 420%

Nov 03, 2010

MAYBERRY Investments Limited's net profit skyrocketed 419.3 per cent over year-earlier levels to $90.7 million for the three months ended September 30, 2010.

The increase in profit was largely due to gain on sale of investment, which increased from $37.5 million during the comparative quarter in 2009 to $110.8 million during the review period.

Net interest income increased by $21 million, or 43 per cent to $69 million in the review quarter, while fees and commissions income grew 148 per cent from $12.7 million to $32 million over the corresponding quarters, a fact which makes CEO Gary Peart particularly proud, given the company's thrust to diversify its income out of the feeding frenzy that was government paper.

"The growth in fees and commission resulted from the execution of more fee-based transactions being completed as compared to the corresponding period," said Peart. "We are pleased with the level of growth achieved so far which is in line with our strategy to diversify and grow our revenue streams."

The company recorded an improvement in revenue performance that was 99 per cent above the corresponding period of 2009. Dividend income increased 395 per cent to $22.6 million, unrealised gain on investment revaluations returned an increase of $29.5 million, or 501 per cent over the 2009 quarter.

Peart noted the impact of the stabilisation of the Jamaican dollar on the performance of the foreign exchange investments.

"The Jamaican dollar has shown signs of stability against its major trading counterparts which resulted in less foreign exchange loss being recorded this quarter as compared to the earlier quarters in 2010," said Peart. Foreign exchange loss was $7.3 million compared to a gain of $21.2 million for the corresponding quarter of 2009.


Source:
Jamaica Observer
Wednesday November 3, 2010

http://www.jamaicaobserver.com/business/Mayberry-net-profit-up-420-percent_8114296