Otra Securities Profit Down 32% for Quarter

Otra Securities Group Inc., citing expansion costs, said its third-quarter profit fell 32% from a year earlier on little change in revenue.

In the quarter ended Sept. 30, Otra’s net income fell to $832,420 from $1.22 million a year earlier, and its revenue inched up to $4.65 million from $4.63 million.

Otra mainly provides securities clearing services, but recently it formed its own brokerage firm as part of an expansion plan. Higher operating costs related to those efforts contributed to the lower earnings, Otra said.

For the first nine months of 1991, Otra’s profit fell 28%, to $1.08 million from $1.51 million a year earlier, and its nine-month revenue rose 5%, to $10.4 million from $9.87 million.