Bermuda First Investment Company, which holds stakes in KeyTech, Ascendant, and Argus, posted a profit of $4.4 million in the quarter ended June 30.That profit included an unrealised gain on investments of $4.1 million.The company said revenue in the quarter was $0.6 million and the market value of listed investments at June 30 was approximately $36.7 million.A final dividend to shareholders was $0.20 per share.Commenting on the financial results, J. Michael Collier, chairman of BFIC said: “We are pleased to see that a number of the Company’s investments, despite the continuing backdrop of a difficult economy in Bermuda, are starting to show improved results.“We are conscious that the economy will remain challenging in the short term but believe that our investments are well positioned if the economy does improve.On the company’s investment in KeyTech, Bermuda First said: “We believe that in the current financial year the benefits of the acquisition of Telecayman and the amalgamation of Logic with Northrock, and in particular the savings associated with Capex and other synergy benefits, will begin to flow through to KeyTech’s financial performance. We continue to believe that KeyTech’s businesses are well positioned for any upturn in Bermuda’s economic performance.”Bermuda First now has approximately 29.9 percent of KeyTech’s issued share capital.On its investment in Ascendant, the company said: “This is the fourth consecutive year that Bermuda has seen reduced kWh consumption on the island.“Ascendant is looking at alternatives for its partly frozen defined benefit scheme due to a one-off expense in the period of $905k relating to a change in actuarial assumptions.“The key for the company going forward will be to demonstrate a clear strategy supported by all stakeholders which will include a coherent and fair regulatory environment and transparency over how the strategy will be funded. However, there is no doubt that even though the second half of 2013 will be seasonally better than the first half, Ascendant will continue to face challenges due to the economic environment in Bermuda.”The company has approximately 10 percent of Ascendant’s issued share capital.On its investment in Argus Group, Bermuda First said: “All debt has now been eliminated from the group’s balance sheet.“It is pleasing to see the reinstatement of the dividend and the improved operating results. However, it is clear that in certain areas, notably the healthcare division, Argus’ operating performance is facing macroeconomic headwinds.“The company is now in a much stronger financial position with no debt and it appears that all the material impairment of investments has been realised.”The company has approximately 2.1 percent of Argus’ issued share capital.The Company’s other investments include small holdings in Butterfield Bank, West Hamilton Holdings, Bermuda Aviation Services and Watlington Waterworks.Post the quarter end the company said it sold its holdings in BF&M Limited and Bermuda Press Holdings Limited, realising a small profit to the Company.“Butterfield has continued to expand its common share buy-back programme which is providing support to the share price and is likely to continue to do so in the short to medium term.“The rate of decline in the earnings reported by the Company’s other investments appears to have reduced which indicates that the economy in Bermuda is declining at a slower pace than in previous years. However, until there is an increase on the number of people living in Bermuda it is clear that any growth in the Bermuda economy will be slow and is unlikely to occur in the short term.”