Investment firm Bermuda First Investment Company Ltd saw the value of its holdings rise in the third quarter.

BFIC, which invests in Bermuda Stock Exchange-listed companies, posted revenue of $0.2 million for the three months eneded September 30 and a unrelaised gain on its investments of $0.5 million.

The company, whose main investments are in utilities KeyTech Ltd and Ascendant Group Ltd, ended the quarter with investments with a market value of $25.7 million.

J. Michael Collier, chairman of BFIC, said: “The share prices of our investments continued to improve during the quarter and this trend has continued post the quarter end.

“The investments are significantly impacted by the Bermuda economy and with the economy improving this is flowing through to the financial results and share prices of the investments.

“We look forward to 2017 and the America’s Cup and other important infrastructure projects and believe they will positively impact our investments.”

BFIC said its total expenses for the quarter were $0.5 million and the company’s undiluted earnings per share for the quarter were 6 cents.

BFIC also has investments in BF&M Ltd, Bermuda Aviation Services Ltd and Bermuda Press Holdings, the owner of this newspaper, which are valued at approximately $0.1 million.

The company also had net debt of $4.9 million and unsecured long-term 2019 loan notes of $18.8 million that it issued to its founder shareholders in October 2012.