Date: August 27, 2019
1834 Investments Limited (1834)
For the three months ended June 30, 2019
Revenue for the first quarter of the 2019 financial year declined by 31% to $5.67 million (2018: $8.23 million).
Other operating income increased in the first quarter of 2019 to $26.12 million. This compares to the prior year’s period figure of $17.14 million representing an increase of 52%.
As a result, total revenues increased by 25% to $31.79 million for the 3 month period in review. This compares to the prior year’s amount of $25.37 million.
The company’s year on year percentage change in total expenses was relatively unchanged. This was attributed to a 23% increase in other expenses to $8.85 million (2018: $7.17 million), tempered by a 27% decrease in administration expenses to total $4.47 million relative to $6.11 million booked in 2018.
Consequently, profit from operations for the first quarter of 2019 increased to $17.25 million from the prior year’s figure of $12.05 million representing a 43% increase.
There was a surge in finance costs in the first quarter of 2019 to $1.21 million from $41,000 in 2018.
Share of profit from interest in associate, net of tax of $1.84 million in the first quarter of 2019 similar to that of the prior year’s corresponding quarter.
Consequently, profit from operations before taxation amounted to $19.09 million for the first quarter of 2019 relative to $13.89 million recorded for the corresponding period in 2018.
Taxation of $743,000 was charged relative to $2.54 million reported in 2018. Following this, 1834 booked first quarter profit of $18.35 million relative to $11.35 million reported in 2018 a 62% increase year over year.
The earnings per share for the three month period amounted to $0.0151 versus $0.0094. The twelve months trailing loss per share is $0.0104, and the number of shares used in this calculation was 1,211,243,827 units.
Balance Sheet Highlights:
The company, as at June 30, 2019, recorded total assets of $1.56 billion, a decrease of 11% when compared to $1.76 billion as at June 30, 2018.This was mainly due to a 68% decrease in ‘Assets held for Sale’ from $296.65 million in 2019 to $95.81 million in the period, though, partially tempered by a 28% increase in ‘Investments’ to $358.96 million (2018: $278.82 million).
Total Stockholders’ equity as at June 30, 2019 closed at $1.51 billion, down 12% from $1.71 billion last year. This resulted in a book value of $1.25 compared to $1.41 billion as at June 30, 2018.
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