Otra Securities Reports Big Increase in Profits

Otra Securities Group Inc., a Glendale clearing agency for securities brokers, said its first-quarter profit jumped to $108,507 from $16,869 a year earlier.

The higher earnings in the quarter ended March 31 came on a 6% increase in Otra’s revenue, to $2.55 million from $2.41 million.

Separately, Otra fulfilled its previously announced plan to form its own retail stock brokerage by creating the firm Reynolds Kendrick Stratton, which will provide brokerage services to individual investors and money managers. The new subsidiary’s president is Robert Kendrick.

Otra also provides business-valuation services, and the company said it expanded that part of its operations by acquiring Wright-Houlihan, a valuation firm with offices in Los Angeles, San Francisco and San Carlos. Otra did not release the purchase price, but said it made the acquisition with an exchange of stock.