1834 Investments Limited reports Net Profit of $12.35 million for the 2017FY

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Note that the 2016 financial year constitutes of 15 months.

For the year ended March 31, 2017:-

1834 Investments Limited generated total revenue of $199.02 million this compares with $204.74 million for the 2016 financial year. Operating Income accounting for $60.78 million (2016: $196.52 million) while Other Operating Income totalled $138.24 million (2016: $8.22 million). Gains on the disposal of investments accounted for $104.53 million (2016: nil) of Other Operating Income. According to the company “these results represent the first full year of the company’s investment operations without the former media business sold to Radio Jamaica Limited in 2016”. Total Revenue for the quarter was reported at $98.81 million.

Administrative Expenses were reported at $19.09 million with other expenses reported at $85.04 million. As such, Total Expenses amounted to $104.13 million relative to $38.47 million in 2016. This was due to “accounting for several one-off charges which were incurred in connection with the prior year’s media business disposal totalling approximately $50 million”

Finance cost of $2.71 million was charged for the year relative to $2.93 million in 2016 with Share of profit from associate reported at $10.04 million (2016: $45.61 million). Gain on the disposal of subsidiary amounted to $54.73 million in 2016 while nil was recorded for 2017.

Profit from continuing operations totalled $102.23 million (2016: $263.67 million). There was however tax charges of $89.89 million which led to a Profit for the year/period from Operations of $12.35 million (2016:$282.16 million) was recorded. The company recorded Loss for the year/period from discontinued operations, net of tax amounted to $275.43 million for the 2016 relative to nil in 2017.
Profit for the period amounted to $12.35 million relative to $6.74 million in 2016. The company reported a Net Loss for the quarter totalling $38.88 million. Earnings per share for the financial year is $0.01.

Balance Sheet at a glance:-

Assets at the end of the year (as at March 31, 2017) totalled $1.88 billion relative to $2.17 billion as at March 31, 2017.
Shareholder equity as at March 31, 2017 was $1.78 billion(March 31, 2016:$1.81 billion) resulting in a book value per share of $1.47 (March 31, 2016:$1.50). The number of shares used in the computations is 1,211,243,827.