Institutional Financial Markets, Inc. (IFMI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.20 million, or $ 0.02 a share in the quarter, against a net loss of $2.64 million, or $0.19 a share in the last year period.
Revenue during the quarter surged 40.22 percent to $13.16 million from $9.38 million in the previous year period.
Lester Brafman, chief executive officer of IFMI, said, "IFMI’s strong performance in 2016, as well as our fourth consecutive quarter of profitability, were driven by the solid execution of our business strategy. In addition, we were pleased to recently announce a $15 million capital raise and are confident that this additional capital will allow us to pursue strategic opportunities we have identified in our capital markets and asset management segments. We remain committed to further enhancing stockholder value, and to that end we continue to drive returns through our quarterly dividend."
Investments stood at $165.48 million as on Dec. 31, 2016, up 50.96 percent or $55.86 million from year-ago. Shareholders equity was at $46.76 million as on Dec. 31, 2016.
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