November 18, 2024
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Unaudited financials for the nine months ended September 30, 2024:
Expressed in United States dollars except otherwise stated:
First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the nine months ended September 30, 2024, reported a 52% decrease in Property Income totaling US$1.92 million compared to US$4.00 million in the corresponding period last year. Property Income for the third quarter had a 95% decrease to close at US$49,056 compared to US$1.08 million for the comparable quarter of 2023.
Rental income amounted to U$106,541 (2023: $241,590), this represents a decrease of 56% year over year. Consequently, realised and unrealised gain on investment properties decreased by 85% to U$559,533 compared to U$3.76 million for the nine months ended September 30, 2023.
Interest Income from financial assets at amortised cost decreased by 38% to close at US$212,953 (2023: US$341,307), while Interest expense decreased by 9% from US$578,987 in 2023 to US$524,340 in the period under review. As a result, net operating income for the nine months ended September 30, 2024, amounted to US$1.64 million, a 58% decrease relative to US$3.87 million reported in 2023.
Total Expenses for the nine months ended September 30, 2024, amounted to US$3.91 million, a 35% increase relative to US$2.90 million reported in 2023. Total Expenses for the third quarter amounted to $813,300 (2023: US$792,127). Net Loss before taxation totalled U$1.44 million. (2023: Net Profit before Taxation of US$961,407).
Taxation for the nine months ended September 30, 2024, amounted to US$10,235, a 176% increase relative to U$3,712 reported in 2023. Taxation for the third quarter amounted to US$6,183 (2023: US$930).
Net Loss for the nine months ended September 30, 2024, had a 252% decrease to reach U$1.45 million (2023: Net Profit of $957,695). For the third quarter, Net Loss of US$674,536 was reported (2023: Net Profit of US$329,851).
Consequently, Loss Per Share for the nine months amounted to US$0.005 (2023: EPS: US$0.003), while Loss Per Share for the quarter totaled US$0.002 (2023: EPS: U$0.001). The twelve-month trailing LPS was US$0.02, and the number of shares used in these calculations was 38,253,000.
Notably, FIRSTROCKJMD’s stock price closed the trading period on November 15, 2024, at a price of J$10.50.
Balance Sheet Highlights
The company’s assets totalled U$57.25 million (2023: U$62.89 million). This decrease in total assets was attributable to a decrease in ‘Investment Property’ which amounted to US$14.30 million (2023: US$24.10 million).
Shareholders’ equity was U$33.32 million (2023: U$36.86 million), representing a book value per share of U$0.13 (2023: U$0.15).
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