Bermuda First Investment Company Results
In a filing with the Bermuda Stock Exchange [BSX], Bermuda First Investment Company Limited announced the Company’s results for the nine months ended March 31, 2016.
The filing stated, “Bermuda First Investment Company Limited, a BSX listed investment holding company which owns a number of significant investments in BSX Bermuda listed companies, announces its results for the nine months ended March 31, 2016.
Highlights:
- Revenue of $0.4 million;
- Profit of $2.3 million [including unrealised profit of $3.3 million];
- Market value of investments as at March 31, 2016, of approximately $26.9 million; and
- Receipt of KeyTech special dividend of $3.5 million post quarter end.
Commenting on the results, J. Michael Collier, Chairman of BFIC said, “It is pleasing to see that post the year end, KeyTech’s proposed transaction was approved by the regulatory authorities and BFIC subsequently received the special dividend totaling approximately $3.5 million. The proceeds of which have been used to reduce debt.
“The value of our assets remain significantly undervalued due to market conditions and subdued economic conditions.
“There are signs that the Bermuda economy is growing and with a number of new infrastructure projects due to shortly commence, combined with the America’s Cup, we are cautiously optimistic that our investments will increase in value.”
