Sterling Investments Q1 Profit Falls 65.7% On Currency Losses

Sterling Investments ended the first quarter with reduced earnings, as currency movements and softer proceeds from investment sales weighed on its results. Net profit came in at $16.08 million, about 65.7 per cent below the comparable period last year.

The company said quarterly revenue amounted to $23.2 million, with the performance largely affected by unrealised foreign exchange losses linked to the strengthening Jamaican dollar. Even with the profit slide, Sterling reported that total expenses dropped by more than 67 per cent, while equity rose 3.5 per cent.

Sterling said it remains positive that continued global uncertainty and market swings will open up appealing investment prospects in the period ahead.