The Unit Trust Corporation has reported a net profit of $45 million for the six months ended June 30.

According to its condensed consolidated financial statement, published on its website, UTC said this represents an 87 per cent increase in profits compared to the $24 million recorded for the same period in 2023.

UTC chairman Jo-Anne Julien, in her report, said the group has achieved commendable results, demonstrating its resilience in a challenging environment.

The group's gross income for the period was $67 million, which improved by 16 per cent principally from higher yields in the Income Funds.

Operating expenses declined by $13 million when compared to the previous period.

" This was mainly due to lower spending on our strategic technological advancements. It is important to recognise that we have not been insulated from the fluctuations and uncertainties in the market," Julien said.

For the six months, the group recorded unfavourable fair value movements of $129 million, a decline of 47 per cent compared to an unfavourable fair value movement of $88 million for the comparative period.

The group maintained its focus on enhancing unitholders’ wealth and distributed $198 million for the period, which represented an increase of $62 million or 46 per cent over last year.

"We are excited about the future and thank our investors for their continued commitment," Julien said.

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