Pan Jam profits up for FY2011

Pan-Jamaican Investment Trust has reported net profits of J$1.9 billion for financial year ended December 2011, an 18.75 per cent increase on the J$1.6 billion it recorded the previous year.



While operating expenses increased during the period, growth in revenues lines more than offset those increases, the company said in a market filing.



Last year Pan Jam merged operations with First Jamaica Investments Limited in an effort to eliminate market confusion and eradicate the duplication of expenses such as audit and stock exchange listing fees.



Investment income grew by 66 per cent to J$246 million from J$148 million the previous year, according to the report to shareholders filed with the Jamaica Stock Exchange (JSE).



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