Despite the negative impact that social unrest surrounding security forces operations in western Kingston to capture Christopher ‘Dudus’ Coke in May had on Access Financial Services (AFS) revenue and productivity, the microlender still managed to nearly double net profit during the three months ending June 30.

Access reported $30.5 million in net profit from $103.7 million in total income during the quarter under review, up from $17.3 million net profit (then pre-tax profit before the company listed on the Junior Market and received a tax break) from $76.5 million.

AFS CEO Marcus James said the company’s performance during the review quarter was affected by “the social unrest, which occurred during the week of May 23, 2010 as several branches were closed and many customers were unable to make payments”.

“This resulted in a decline in the level of loan disbursement and persons served by the money services division,” said the statement to shareholders that accompanied the firm’s financial statements.

Access’ loan portfolio actually declined over the three months to June 30 from $440.5 million at end March 2010 to $413.3 million.

But revenue from money services actually increased from $9 million during the three months to June 30, 2009 to $10 million during the review quarter, which was also higher than the $9.4 million Access earned from money services in the March quarter of 2010.

The microlender also managed to improve its cash flows from operating activities, which was a positive $4.4 million during the review quarter compared to the negative $13.7 million during the previous quarter and negative $6.8 million in the comparative quarter in 2009.

At the end of June 2010, Access cash and cash equivalents totaled d$69.8 million, up from $31.9 million a year prior.

The company’s capital base grew from year-earlier levels of $458.9 million to $545.1 million as at June 30, 2010.

AFS completed its expansion thrust having completed construction of its Old Harbour, St Catherine, and Browns Town, St Ann branches during the quarter.

“These branches are set to open at the end of July 2010 and will bring our total branch complement to 13,” said James in the statement to shareholders.

Incidentally, Access was “involved in a variety of events during Labour Day 2010 (the same day that security forces invaded the west Kingston community of Tivoli Gardens to counter attacks by gunmen on its personnel and infrastructure) in areas surrounding its new branch locations in St Catherine and St Ann.