Henry Bath & Son Ltd., the commodities warehouse unit of JPMorgan Chase & Co. (JPM:US) that it wants to sell, reported profit of $2.4 million last year as revenue jumped 24 percent.
Profit dropped from $27.7 million a year earlier due to tax changes, Liverpool, England-based Henry Bath said in a filing with the U.K.’s Companies House. Before taxes, profit rose to $42.57 million from $34.19 million. Revenue rose to $148.96 million from $120.28 million. The company provides storage for cocoa, coffee and metal stockpiles.
“Stock holdings have continued to grow through 2012, resulting in a positive impact on the group profits,” Henry Bath said in the filing. It had net assets of $311.9 million.
JPMorgan, the biggest U.S. bank, said in July that it plans to get out of the business of owning and trading physical commodities. The firm could sell or spin off holdings that include Henry Bath, as well as stakes in power plants and traders in materials such as gas and coal. The New York-based firm has sought $3.3 billion for the division, a person with direct knowledge of the sale process said last month.
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