BF&M has $10.2 million in earnings

BF&M Limited yesterday announced shareholders’ net income for the six month period ending 30 June 30, 2013 of $10.2 million.

Shareholders’ net income for the comparative six month period of 2012 was $12.2 million. President and CEO, John Wight stated that “Financial results for the first six months of 2013 were down from the corresponding period in 2012, principally as a result of further impairments on Bermuda based properties where BF&M holds a first mortgage, and the rise in interest rates in the second quarter that decreased the value of BF&M’s bond portfolio. 

BF&M holds part of the mortgage of Tucker’s Point Club, which went into receivership on Thursday.