Mayberry sees changes in management personnel

Business

Mayberry sees changes in management personnel

Company suffers from last quarter COVID-19 losses

BY DURRANT PATE
Observer Business Writer

Friday, October 16, 2020

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Investment and brokerage company Mayberry Investments has had two major personnel changes.

The latest resignation is that of financial controller, Rakar Williams, whose resignation took effect on October 6, 2020. This comes days after director of investment banking Tania Waldron-Gooden resigned effective September 30, 2020.

Waldron-Gooden has since taken up a new position as deputy chief executive officer of insurance brokerage company, Caribbean Assurance Brokers Limited. Williams' departure comes 10 months after his appointment on December 24, 2019.

At that time Williams succeeded Wayne Campbell, who also resigned from his position on December 24, 2019. Kayone Haynes-Burke has now succeeded Williams as group financial controller, effective October 7, 2020.

FINANCIALLY HEALTHY

The financial performance of the company during the second quarter ended June 30 showed the group recording a loss of $3.9 million, reversing the profit of $293.9 million for the same period last year. This was attributable to reduced fees and commissions, lower foreign exchange gains and unrealised loss on investment securities resulting from downward price movements on equities.

Net profit attributable to shareholders was $8.9 million for its second quarter of 2020, compared to $264.3 million for the same period last year. This resulted in earnings per share (EPS) of $0.01, down from the $0.22 reported for the second quarter of 2019.

During the period, revenue lines that experienced growth during the quarter included dividend income, which went up by $145.9 million or 141 per cent to $249.4 million for the second quarter of 2020 over the second quarter of 2019.

Total comprehensive income for the second quarter was $654.4 million, down from the $1.7 billion reported for the corresponding quarter of 2019. This was attributable to a decrease in financial reserves, following price reductions for stocks held in the current equity portfolio.


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