Barita posts $80 mil profit

Securities dealer Barita Investments Limited posted profit before taxes of $80 million for the quarter ending December 2011, a 55 per cent increase over the $44 million recorded for the corresponding period the previous year.

Net profit for the period totalled $51 million or earnings per share of $0.11, compared to $32 million or $0.07 for the corresponding period in 2010.

With some stabilization in interest rates, its interest income revenues remained relatively flat, but net interest income increased by $39 million or 36 per cent during the review period, the company said in its financial report.

Barita said continued improvements in asset and equity trading activities have seen its revenues increase to $22 million and $25 million respectively, approximately doubling the prior year’s performance.