MEXICO CITY – Actinver Corporation’s net profit fell by 45% in the first half of 2012 after investing heavily in infrastructure, new product development, and strategic acquisitions. The company suffered similar losses for the same period in 2011.
According to a statement sent to the Mexican Stock Exchange, the company specializing in providing investment advice to businesses in Mexico experienced net profits of 205 million from January to June in 2011 and 113 million pesos for the same period in 2012.
The gain of the financial institution for the second quarter of this year totaled 82 million dollars, representing a decrease of 45% as compared to 151 million which was recorded from April to June of 2011.
Hector Madero Rivero, president and CEO of Actinver Corporation, said in the report that even with the uncertainty and nervousness present in global markets during the quarter, the institution continued to demonstrate solidity and stability in its revenue base.
He explained that for the first time since offering company shares to the public, operating income in excess of 500 million pesos has been reported for consecutive quarters. This is compared to the figures for the first quarter of 2012 which also reported a significant improvement on margins and net income.
Rivero also said that Actinver’s consolidated investment funds are the sixth operator of mutual funds in the Mexican market with a figure of 73.068 million pesos, an increase of 3% for the quarter and 9% cumulative to 2012, achieving an increase of over-industry growth amounting to 8%.
He noted that the launch of debit card and checkbook services to customers was also accomplished during this semester, providing value-added products to customers of Actinver.
In fact, this year’s operating and administrative expenses for the second quarter experienced a 12% growth over the same period in the previous year. This after rental costs and other operational expenses incurred in the opening of 11 additional branches in relation to American Express operations.