Mayberry Investments Ltd has reported a 98.2 per cent decline in net profit for the quarter ending March 31.

The company saw profit decline to $1.7 million for the three months ending March 2017, from the $93.6 million the company posted for the comparative quarter of 2016 to $91.9 million.According to company financials, the decline in profit was led by reductions in revenue performance and net interest income.“During the quarter we experienced mixed revenue performance as we continue to focus on maintaining a diversified revenue stream while minimising risks,” Mayberry’s Chief Executive Officer (CEO) Gary Peart stated in recently released financial results.The company added that while there were increases recorded in fees and commission income and unrealised gains on investment valuation, these were tempered primarily by reductions in net trading gains and interest income.“The decrease in net interest income was a result of the strategic reduction in the size of the fixed income portfolio, while increasing the equities portfolio,” Peart reasoned.He noted that the company’s performance must be viewed within the context of the performance of the global bond market and the local equities market.Operating expenses for the period under review totalled $110.08 million compared to $203.67 million for the corresponding quarter in 2016, a decrease of $93.59 or 46 per cent. The decrease in operating expenses was due to the write back of impairment provisions based on the recovery of selected international fixed income bonds.Since 2015, Mayberry Group has invested in four associate companies spanning the trading and financial sectors. The book value of the investments in associates totalled $1.31 billion as at 31 March 2017, up from $1.25 billion at the end of the corresponding quarter a year earlier. Market value of these investments total $2.23 billion at 31 March 2017, up 9 per cent in value from $2.04 billion at 31 March 2016.The company closed the quarter with cash and cash equivalents of $377 million, 53.3 per cent lower than the $808 million it posted a year earlier.