Barita Investments Ltd has recorded losses of $83 million for the financial year ended September 2017.

The company which is expected to be acquired by a non-competing local entity took a blow to its foreign exchange trading and translation gains which declined nearly 50 per cent to $41.1 million for the year ended. It resulted in a decline in net operating revenue of 13.45 per cent year on year to $596 million.

Barita also reported a more than 2,000 per cent increase in impairment of available for sale investment, which climbed from $4.6 million at the end of Barita’s 2016 financial year to $100 million for the year under review. The company held cash and cash equivalents of $413.7 million.

Founder Rita Humphries-Lewin earlier this year indicated that she would make the disclosure of the price and details of the sale following the release of the company’s September year end financials.

Humphries-Lewin, whose shareholding amounts to 76 per cent, said the buyer will seek to acquire all Barita shares in one sitting, rather than an initial acquisition of Humphries-Lewin’s shares followed by a separate offer to minority shareholders.

BIL stock last traded at $7.95, valuing the company at some $3.5 billion. It’s a decline from the $11.81 per unit the company traded at when the takeover bid was disclosed in August.

BIL is a primary dealer and a cambio dealer operating with a staff complement of more than 80 professionals from offices in New Kingston, Mandeville and Montego Bay. The company, which celebrated its 40th anniversary this year, remains one of the few financial entities founded and led by a woman.