Following the successful sale of its shareholding in Access Finanical Services (AFS) in 2014, Mayberry Investments has seen its profits for 2015 drop by about 80 per cent. But on the plus side, directors point to an improved book value of 49 per cent from the year’s trading activities, with stockholders’ equity increasing by $2.06 billion.

For the year ended December 31, 2015, Mayberry booked net profit of $145.46 million, compared to $726.08 million in 2014. In audited financials released on Monday, directors point to the one-off contribution from sale of shares in AFS in 2014 which affected that outcome.

Earnings per share for the year ended were 12 cents compared to 60 cents the year before.

In 2015, Mayberry recorded revenues of $999 million compared to $1.53 billion for 2014. The prior year’s result included a gain of $591 million on the sale of AFS.

Directors note, “Adjusting for the gain on the sale, the comparative revenues were $938 million. This reflects an increase of $61 million or six per cent.”

The company, during the review period, saw a $1.25 billion decrease in total assets as repurchase agreements were reduced. Repos at the end of December 2015 were $8.7 billion compared to $14.2 billion, a reduction of $5.5 billion or 39 per cent.

Directors say, however, that revenue lines generated better results when compared to 2014 with an increase in net interest income from Mayberry’s global bond portfolio as well as increased bond and equity trading.

Net interest income increased by $105 million or 44 per cent, and fees and commissions increased by $69 million or 65 per cent. Net trading gains increased by $50 million or 24 per cent whilst dividend income increased by $43 million or 39 per cent.

However, the gains were offset by $184 million in net unrealised market to market losses in the bond trading portfolio, due to volatility of US interest rates and prices of commodities.

Operating expenses for the year were $982 million which was $11.2 million or one per cent higher than the corresponding year. Asset tax increased by 104 per cent from $24 million in 2014 to $49 million in 2015.

Despite the reduced earnings, directors boasted that the year 2015 saw stockholders’ equity increasing by $2.06 billion or 49 per cent to close the year at $6.24 billion, with a book value of $5.20 per share.

The company paid out dividends of $240 million during 2015.

During the year, Mayberry made additional investments in Lasco Financial Services Limited, Blue Power Group Limited and Caribbean Producers (Jamaica) Ltd at a total cost of approximately $1 billion. Market value of investments all associated companies, at year end was approximately $2.1 billion.

The company brokered $5.5 billion in debt and equity financing deals during 2015, directors reported.