Date: December 31, 2018
138 Student Living Jamaica Limited (138SL), audited results for the year ended September 30, 2018 reported that revenues increased by 36% to $780.74 million relative to the $573.54 million recorded for the corresponding period last year. Other operating income also increased for the period under review, growing 91% to $53.66 million relative to $28.06 million a year earlier. Revenue for the fourth quarter fell by 5% to $163.34 million (2017: $171.36 million), while other operating income soared to $26.89 million (2017: $5.75 million).
Administrative expenses increased by 91% amounting to $519.14 million (2017: $271.94 million). As for the quarter, there was a 117% increase to$184.90 million (2017: $85.25 million). Operating profit amounted to $315.26 million, a decline of 4% compared to $329.67 million that was reported for the year prior. For the fourth quarter, operating profit closed at $5.34 million (2017: $91.86 million).
The Company also reported finance cost of $406.39 million (2017: $309.91 million), a 31% increase year on year. For the quarter, finance cost fell by 12% to close at $76.43 million (2017: $86.58 million).
Losses before taxation for the year end amounted to $91.13 million compared with the profit of $19.76 million last year. Following tax credits of $74.88 million (2017 tax credit: $50.32 million).
Consequently, net loss totalled $16.25 million, compared to a profit of $70.08 million. Net loss for the quarter amounted to $19.55 million relative to a net profit of $39.60 million.
Loss per share (LPS) for the period was recorded at $0.04 relative to earnings per share of $0.17 a year earlier. The number of shares used in this calculation was 414,500,000. As at December 31, 2018, the stock traded at $3.50.
Balance Sheet at a Glance:
As at September 30, 2018, ‘Total Assets’ increased by 10% to $8.84 billion (2017: $8.03 billion). This increase was primarily driven by a 10% increase in ‘Financial asset-service concession’ to $7.94 billion relative to $7.25 billion recorded twelve months earlier. ‘Receivables’ also contributed to the increase with a 102% growth to $330.57 million versus $163.61 million in 2017.
‘Total Shareholders’ Equity’ totalled $3.35 billion (2017: $2.77 billion), which resulted in a book value of $8.09 (2017: $6.69).
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