JS JOHNSON SUFFERED an 8.9 per cent net income decline to $2.619 million for the 2011 first quarter, its managing director describing the period "as a bit sluggish" and blaming the drop largely on an 11 per cent profitability fall at its underwriting affiliate.

Marvin Bethell, in his message to shareholders, said that the net income fall for the three months to end-March 2011 was "due primarily" to the fall in net income at Insurance Company of the Bahamas (ICB). This prevented the BISX-listed insurance agent and broker from matching 2010's $2.875 million net income.

"The first quarter was a bit sluggish, as total income drop ...

By NEIL HARTNELL
Tribune Business Editor

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