Bermuda First Investment Company Results

Bermuda First Investment Company Limited announced its most recent financial results, with Chairman J. Michael Collier saying, “We are pleased to see that a number of the Company’s investments, despite the continuing backdrop of a difficult economy in Bermuda, are starting to show improved results.

“We are conscious that the economy will remain challenging in the short term but believe that our investments are well positioned if the economy does improve. The Board is please to declare a final dividend for the financial period ended June 30, 2013 of $0.20 a share. “

For the quarter ended June 30, 2013, the Company reported revenue of $0.6 million and profit of $4.4 million (including an unrealised gain on its investments of $4.1 million). Total expenses were $0.3 million with $0.2 million relating to accrued interest expense on the Company’s unsecured 2019 loan notes.

For the financial period ended June 30, 2013, the Company reported revenue of $1.9 million and profit of $2.4 million (including an unrealised gain on its investments of $1.4 million).

As at June 30, 2013, the Company’s investments had a total value of $36.7 million. The Company had shareholders funds as at June 30, 2013 of $19.2 million and unsecured long term seven year loan notes that it issued to its founder shareholders in October 2012 of $17.1 million.

Bermuda First Investment Company Limited is a Bermuda exempt investment holding company with significant investments in a number of BSX listed Bermuda companies. Its main investments are in KeyTech Ltd and Ascendant Group Ltd.

The Company’s other investments include small holdings in The Bank of N.T Butterfield & Son Ltd, West Hamilton Holdings Ltd, Bermuda Aviation Services Ltd and Watlington Waterworks Ltd.

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