The Tribune reports that Benchmark (Bahamas) has recorded its first -albeit modest – net profit for 11 quarters. Benchmark chief executive and president Julian Brown told the newspaper that the firm’s 70 per cent occupied Carmichael Road Commercial Centre will act as a development “landmark” in that area.
Mr. Brown acknowledged that the short-term outlook was “less rosy” than at the 2011 second quarter end, due to the subsequent global stock market volatility, saying the $13,650 net income performance showed the BISX-listed investment firm’s business model and investing strategy remained sound.
Benchmark Properties and Alliance Investment Management generated net profits of $27,473 and $99,792, respectively, for the three months to end-June 2011. Benchmark Advisors added $5,850, but the BISX-listed firm’s overall results were again dragged down by a net $119,465 loss on its Bahamian investment portfolio.
Speaking with Tribune Business, Mr Brown said that the $0.003 earnings per share (EPS) generated by Benchmark during the 2011 second quarter, compared to a $0.22 loss per share during the same period the year before, represented “just about” the first profitable quarter in 11 such periods. Benchmark had last reached the black in the 2008 fourth quarter.
Mr. Brown was quoted in the daily saying: “In the last 11 months that has been the drag on performance. We still think we have a good model and good segmented investment strategy, and at 18 cents think the stock is undervalued.”
The newspaper reported:
The BISX-listed firm suffered a $0.05 per share or $271,600 loss for the six months to end-June 2011, compared to a $0.34 loss the previous year. For the half year, Benchmark suffered a realised/unrealised loss on its investment portfolio of $253,019.
For the 2011 first half, Benchmark suffered a loss of $216,442, while Alliance Investment Management fell into the red by $106,207.
Benchmark Properties, though, generated a profit of $43,451, and Benchmark Advisors $7,598. As at June 30, 2011, Benchmark (Bahamas) net assets stood at $1.615 million, and the company’s book value was $0.33 per share.
