Benchmark (Bahamas) yesterday unveiled a massive increase in its 2004 full-year unaudited earnings to $718,941, compared to $2,439 the year before, with the company crediting its enhanced performance to “diversification”.
Julian Brown, Benchmark (Bahamas) president, said in a statement that the benefits of the company’s decision to diversify away from total reliance on the Bahamian stock market’s performance was shown by its Alliance Investment Management subsidiary, which saw its earnings grow by 17 per cent year-on-year to $254,535.
Alliance Investment Management, which provides brokerage and investment services to offshore clients, saw its contribution to Benchmark (Bahamas) earnings increase to 35 per cent of the total in the year to December 31, 2004.
Mr Brown said all Benchmark (Bahamas) operating units produced net income in 2004, with Benchmark Advisors, the broker and investment adviser targeted at domestic Bahamian clients, generating $11,190 and Benchmark, the closed-end mutual fund, producing $453,218.
