Reported in Barbados Dollars unless otherwise indicated:

  Eppley Caribbean Property Fund Limited (CPFV), for the six months ended March 31, 2021 reported net rental income of $1.90 million (2020: $1.69 million), a 12% increase. In addition, share of profit of investments accounted for using the equity method decreased from $1.05 million in 2020 to $864,320 for the six months ended March 2021.

Fair value gain on investment amounted to $136,298 relative to a loss of $220,477 in 2020.

Interest income amounted to $355,830 versus $400,360 booked for the corresponding six months last year. Other income of $1,000 was reported (2020: nil).

As such, total investment income increased to a total of $3.26 million (2020: $2.92 million). For the second quarter ended March 31, 2021, total investment income amounted to 1.86 million (2020: $$1.26 million).

Total operating expenses amounted to $1.52 million (2020: $1.24 million). Total operating expenses can be broken down as follows:

• • Interest expenses totalled to $373,333 (2020: $246,556).
  • Fund management fees was $359,469 compared to $328,170 booked for 2020 six months.
  • Professional fees totalled $220,375 (2020: $213,475).
  • Directors and subcommittee fees closed at $1,660 (2020: $1,600).
  • Office and administrative fees went up to $8,218 (2020: $21,682).
  • Impairment charge for receivables closed the six months at $2,912 relative to an impairment recovery of $26,559 in 2020.
  • Investment advisor fees totalled $359,469 (2020: $328,170).
  • Net foreign exchange loss amounted to $192,611 (2020: $125,012).

Total operating expense for the second quarter ended March 31, 2021 amounted to $1.28 million (2020: $795,475).

Profit before tax for the six months ended March 31, 2021 closed at $1.74 million (2020: $1.68 million). Whereas, profit before tax for the second quarter ended March 31, 2021 totalled $580,999 (2020: $465,324).

After a taxation charge of $115,107, net profit amounted to $1.62 million (2020: $1.68 million). Whereas net profit for the second quarter ended March 31, 2021 totalled $465,892 (2020: $465,324), relatively unchanged.

Profits attributable to shareholders for the six months amounted to $1.62 million compared to $1.68 million booked prior corresponding period. While, profit attributable to shareholders for the second quarter ended March 31, 2021 totalled $465,892 (2020: $465,623).

Consequently, total comprehensive income for the period closed at $1.54 million compared to $1.69 million reported for 2020’s corresponding period. Total comprehensive income for the second quarter ended March 31, 2021 totalled $377,571 (2020: $541,071).

 Earnings per share for the six months ended March 31, 2021 totalled 1.188 cents compared to EPS of 1.23 cents for the corresponding period in 2020. The second quarter’s EPS amounted to 0.34 cent (2020: 0.34 cent). Trailing EPS amounted to 1.34 cents. The total amount of shares outstanding used for this calculation was 136,742,547 units. CPFV closed the trading period at J$45 on May 17, 2021.

 CPFV noted, “Our Jamaican properties and our recently acquired industrial and office assets continue to offset much of the effects of the Covid-19 pandemic on our Barbados retail properties linked to tourism and travel.”

 Furthermore, Management added, “In line with our initiative to further scale and diversify our portfolio, we are pleased to announce that subsequent to the end of the quarter, the Fund acquired two commercial properties in Trinidad & Tobago: 155-157 Tragarete Road, Port of Spain and 52 Valsayn Branch Road, Curepe. Following the addition of these two properties, the Value Fund now owns and operates 16 high quality buildings, spanning over 775,000 square feet, in three of the largest English-speaking countries in the Caribbean, being Jamaica, Barbados and Trinidad & Tobago.”

Balance Sheet Highlights:

As at March 31, 2021, total assets amounted to $116.42 million, 17% more than prior corresponding period’s $99.09 million in 2020. This was attributed to a rise in ‘Investment properties’ which closed the period at $61.40 million (2020: $48.32 million). Additionally, the growth in ‘Investments in associated companies’ also contributed to the overall increase in the company’s assets, closing at $31.91 million (2020: $21.32 million). This was, however, partly tempered by a 43% decrease in ‘Cash and Cash Equivalents’ to $16 million (2020: $28.24 million).

CPFV, as at March 2021, booked total shareholders’ funds of $96.18 million (2020: $86.80 million), which translated into a net asset value per share of $0.70 (2020: $0.63).