February 15, 2024
138 Student Living Ltd. (138SL) for the first quarter ended December 31, 2023, reported a 3% increase in income totalling $351.41 million compared to $341.07 million in the corresponding three months last year.
Other operating income amounted to $26.79 million (2022: $5.29 million), this represents an increase of 407% year over year. Consequently, total revenue increased by 9% to $378.19 million compared to $346.35 million for the first quarter ended December 31, 2022.
Administrative and other expenses increased by 18% to close at $205.18 million (2022: $173.79 million). Consequently, profit from operation increased marginally from $172.56 million in 2022 to $173.01 million for the three months. Finance costs for the first quarter amounted to $87.57 million, a 4% decrease relative to $91.56 million reported in 2022.
Profit before taxation for the three months amounted to $85.44 million, a 5% increase relative to $81.01 million reported in 2022.
Taxation for the three months totalled $14.60 million; a significant increase relative to the $96,000 reported in 2022. Net profit for the three months amounted to $70.84 million, a 12% decrease from the $80.91 million reported in 2022.
Earnings per share (EPS) for the three months amounted to $0.13 (2022: $0.15). The twelve-month trailing EPS was $0.62, and the number of shares used in these calculations was 536,855,600.
Notably, 138SL’s stock price closed the trading period on February 13, 2024, at a price of $4.05 with a corresponding P/E ratio of 6.53x.
Balance Sheet Highlights:
The company’s assets totalled $10.32 billion; a 5% increase from the $9.84 billion booked in 2022. This was largely due to a 261% increase in cash and cash equivalents, followed by a 22% increase in receivables.
Shareholder’s equity was $5.41 billion (2022: $4.64 billion), representing a book value per share of $10.08 (2022: $8.64).
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