Investment firm Bermuda First Investment Company has announced profits of $2.3 million for the nine months to the end of March.

The company held investments valued at $26.9 million at the end of the period and had revenue of $0.4 million.

BFIC holds stakes in telecoms firm KeyTech, utilities company Ascendant, owner of Belco, plus smaller holdings in insurers BF&M and Argus, services firm BAS and Bermuda Press (Holdings) the parent of The Royal Gazette.

Michael Collier, chairman of BFIC, said that the controlling stake taken in KeyTech by US-based Atlantic Tele-Network had been approved after the year end, with BFIC receiving a dividend of around $3.5 million, some of which had been used to reduce debt, which now stands at around $4.5 million.

He added: “The value of our assets remain significantly undervalued due to market conditions and subdued economic conditions.

“There are signs that the Bermuda economy is growing and with a number of new infrastructure projects due to shortly commence, combined with the America’s Cup, we are cautiously optimistic that our investments will increase in value.”

The BFIC report said that Belco’s plan for the next 20 years was due to be submitted by the end of the month.

It added: “It remains vitally important to the future success of Belco, and indeed Bermuda’s regulatory infrastructure, that there is a clear and transparent regulatory framework, which will enable Belco to earn a return on its assets.

“Without such a framework, it will be difficult for Belco to continue to invest in its assets to ensure that Bermuda has the world class and reliable energy infrastructure that it requires.”