Mayberry Jamaican Equities’ Profit Plummets

  • For the six-month period ended June 30, 2019, Mayberry Jamaican Equities reported a net loss of $39.42Mn, representing a 108.9% decline from the $440.69Mn profit reported for the corresponding quarter of 2018.
  • The performance over the period was mainly impacted by a 62.9% decline in operating revenue coupled with a 70.9% increase in operating expenses.  Operating income was severely affected by a significant (87.1%) YoY decline in fair value gains on its investment portfolio as well as a 22.9% YoY compression in dividend income. Net interest income also deteriorated YoY from -$40.67Mn in 2018 to -$72.89Mn in 2019.  
  • Operating expenses increased in 2019 to $269.90Mn from $157.89Mn in 2018 due to incentive and management fees for investment management services. This was partially offset by savings in admin expenses.
  • The stock has risen 22.3% since the start of the calendar year, closing yesterday’s trading session at $11.32. At this price, MJE is currently trading at a 22.5% discount relative to its June 28, 2019 NAV of $14.60 per share.  

(Source: MJE Financials)