With steady and sound management, Benchmark is proving its detractors may not have gotten it! Since its debut on the BISX it has had its share of challenges. There was the case of the investor who decided to misrepresent its true position and the matter ended in the courts.
There was also the brouhaha created when Fidelity not the bank but the broker, complained about Benchmark's late release of its annual report, an event that Fidelity saw as indicative of significant weaknesses within Benchmark.
Then there was the investment in John S. George which has yet to get into the red. Yet despite these challenges Benchmark is reporting that well it is in the black and given the price on the BISX , $0.70 at the close of Friday's trading, the stock is trading well below its book value.
So to the numbers. In its report for 2005 performance, Benchmark has seen a 25 percent increase in net consolidated income. According to a release, Benchmark earned B$906,616 0.18 cents per share and book value was $1.04 per share against B$725,994 or 0.15 cents per share and book value of 0.88 per share for the year ending 2004. Benchmark (Bahamas) Ltd. consolidated net assets stood at B$5,161,217. These earnings were driven by "earnings' of Benchmark's investment portfolio and earnings from Alliance Investment Management (Alliance)". And who is Alliance you ask. Alliance is a wholly owned subsidiary of Benchmark. Alliance, licensed by the Commission of The Bahamas as a "class 1 broker dealer", provides "brokerage services, investment advice and custodial services to foreign clients". The subsidiary, having established itself as a niche player in a highly competitive market has been able to "contribute to the consolidated net earnings of Benchmark since its acquisition" nearly five years ago.
Taking advantage of resources that range from electronic communications networks and "relationships with major international securities dealers provid[ing] access to securities exchanges globally", Alliance has been able to secure its place in the marketplace.
According to the release, during fiscal 2005, Alliance contributed $487,008 to Benchmark's consolidated net earnings were while Benchmark Advisors chipped in with B$(9,165) and Benchmark "excluding John S. George Holdings (JSGH)", B$622,90I. Benchmark's investment in associate JSGH contributed negative B$(l94,128).
Another solid performance for The Benchmark Group of Companies during 2005.
The Nassau Guardian
