138SL reported a 98% increase in net profit for 2017FY

138 Student Living Jamaica Limited (138SL)

For the year September 30, 2017

Income for the year amounted to $573.54 million (2016: $255.1 million) while Other Operating Income increased to $27.85 million (2016: $40.05 million). As a result, Total Revenues increased to $601.39 million (2016: $295.15 million). Total Revenues for the quarter totalled $177.11 million relative to $95.12 million in 2016. Commenting on its results, the Company stated “having completed the re-construction of the iconic Irvine Hall, the Group achieved its major developmental objective for the financial year. Now with bed capacity of 1800 or doubling of rooms, the Group recorded a 104% increase in revenues reflecting real demand for its products.”

Administrative Expenses increased to $271.72 million relative to $166.75 million the prior year. As a result, Profit from Operation increased to $329.67 million (2016: $128.4 million).

The Company had a Finance Cost for the year totalling $309.91 million (2016: $152.42 million).

Consequently, Profit Before Taxation amounted to $19.75 million relative to a Profit Before Taxation in the prior year of $26.04 million. The Company had taxation credit of $31.93 million (2016: $50.07 million) and as a result, Net Profit for the year amounted to $51.69 million relative to a Net Profit last year of $26.04 million. Net profit for the quarter amounted to $21.21 million.

As such, the earning-per-share for the year amounted to $0.125 relative to earnings-per-share last year of $0.063 while the earnings-per-share for the fourth quarter amounted to $0.051 (2016: $0.13).  The amount of shares used in our calculation is 414,500,000.

 

Balance Sheet Highlights:  

The company, as at September 30, 2017, recorded Total Assets of $7.93 billion, an increase of 38% when compared to $5.74 billion recorded last year.

Total Stockholders’ Equity as at September 30, 2017 closed at $2.76 billion, compared to $2.08 billion for the corresponding period last year. This resulted in a book value of $6.65 per share compared to $5.02 as at September 30, 2016.

 

 

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

 

 

2017-11-13T21:39:29-05:00