August 9, 2024
Expressed in Barbados dollars unless otherwise stated:
Eppley Caribbean Property Fund Limited SCC (CPFV) for the nine months ended June 30, 2024, reported a 14% decrease in Total Investment Income totaling BDS$8.68 million compared to BDS$10.07 million in the corresponding period last year. Total Investment Income for the third quarter had a 34% increase to close at BDS$2.56 million compared to BDS$1.92 million for the comparable quarter of 2023.
Interest Income and other income amounted to BDS$568,598 (2023: BDS$558,738), this represents an increase of 2% year over year. Consequently, fair value losses on investment property decreased by 59% to BDS$1.51 million compared to BDS$3.70 million for the nine months ended June 30, 2023.
Interest expenses increased by 62% to close at BDS$1.82 million (2023: BDS$1.12 million), while Fund management fees increase by 11% from BDS$604,412 in 2023 to BDS$673,363 in the period under review. As a result, operating expenditure for the nine months amounted to BDS$3.44 million, a 17% increase relative to BDS$2.95 million reported in 2023.
Profit before tax for the nine months amounted to BDS$5.25 million, a 26% decrease relative to BDS$7.12 million reported in 2023. Profit before tax for the third quarter amounted to BDS$1.17 million (2023: BDS$817,082).
Taxation totalled BDS$141,546 a 20% decrease from the corresponding period last year. (2023: BDS$176,666).
Net profit for the nine months amounted to BDS$5.11 million, a 26% decrease from the BDS$6.94 million reported in 2023. Management noted, “The year-over-year variance was driven by lower fair value increases in FY2024 when compared to 2023 mid-year valuations”. For the third quarter, Net profit was BDS$1.13 million (2023: BDS$734,139).
Earnings Per Share for the nine months amounted to BDS$0.04 (2023: EPS: BDS$0.05), while Earnings Per Share for the quarter totaled BDS$0.01 (2023: EPS: BDS$0.01). The twelve-month trailing EPS was BDS$0.11/J$8.89 and the number of shares used in these calculations was 135,519,820.
Notably, CPFV’s stock price closed the trading period on August 8, 2024, at a price of J$36.01 with a corresponding P/E ratio of 4.05x.
Balance Sheet Highlights
The company’s assets totalled BDS$166.32 million (2023: BDS$138.57 million). The uptick in assets resulted from a 16% increase in ‘investment properties’ closing at BDS$100.13 million.
Shareholder’s equity was BDS$119.61 million (2023: BDS$108.64 million), representing a book value per share of BDS$0.88 (2023: BDS$0.80).
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