Bermuda First Investment Company made a profit of $299,922 last year before unrealised loss on investments were taken into account.The company holds significant investments in three Bermuda Stock Exchange (BSX) listed local companies, as well as small holdings in other Bermuda firms.Of its big three investments, it saw the stock value rise 11.5 percent for Argus Group and 2.8 percent for KeyTech, however the stock value of its third big investment, Ascendant Group, fell 2.5 percent over the same period.At the end of 2012, Bermuda First Investment Company’s 22.8 percent share of KeyTech was valued at $19.8 million, its 10 percent share of Ascendant Group was valued at $12.2 million and its 2.3 percent share of Argus Group was valued at $1.6 million.Posting its first results as a public company, it reported revenue of $618,971 and ended 2012 with a market value of listed investments of $33.7 million.“BFIC successfully listed its shares and loan notes on the BSX in October 2012,” said company chairman J. Michael Collier in a statement.“BFIC aims to build strategic investments in BSX listed local companies and we will continue to develop relationships with the management and boards of the investee companies so as to enhance the long term value of the investee companies for the benefit of all shareholders.“As the only BSX listed investment company with a focus on BSX listed Bermuda companies we hope that potential investors will invest in the company’s shares or loan notes and therefore gain exposure to a portfolio of local Bermuda companies.“The company listed its own shares and five percent loan notes on the BSX on October 29, 2012.The company’s major liability is its $17.1 million five percent unsecured loan notes.BFIC’s unrealised loss on its investments as at December 31, 2012 was $629,350, based on the bid price quoted on the BSX.In its statement, released yesterday, BFIC noted the improving financial results of KeyTech, and the purchase last February of TeleCayman Limited by KeyTech’s Cayman subsidiary WestTel Limited.“This should provide KeyTech with a greater foothold in Cayman and allow management to leverage the knowledge of Logic,” it reported.BFIC also stated it was pleased with improved results at Argus Group and that, “Argus believes that the investment impairments that the company has suffered over the last four years have all been provided for”.Regarding energy group As Regarding energy group Ascendent, which saw its share price drop during the reporting period, BFIC commented: “Ascendant continues to be the bellwether for the Bermuda economy and with the reduction in the number of people in Bermuda combined with the macroeconomic conditions their results in the first half of 2012 were affected accordingly.”BFIC has small holdings in other companies including Butterfield Bank, Bermuda Press Holdings, Bermuda Aviation Services and Watlington Water.“All the company’s other investments continue to experience weakness resulting from the Bermuda economy and we are conscious that any recovery in Bermuda is likely to take a number of years,” stated BFIC in its statement.