February 16, 2024
Expressed in Barbados dollars unless otherwise stated:
Eppley Caribbean Property Fund Limited SCC (CPFV) for the first quarter ended December 31, 2023, reported an 11% decrease in total investment income totalling BDS$2.17 million compared to BDS$2.45 million in the corresponding three months last year.
Interest Income and other income amounted to BDS$176,513 (2022: BDS$214,126), this represents a decrease of 18% year over year.
Interest expenses increase by 38% to close at BDS$500,252 (2022: BDS$363,547), while Fund management fees increase by 11% from BDS$201,603 in 2022 to BDS$224,700 for the three months. As a result, Operating expenditure for the first quarter amounted to BDS$1.07 million, a 32% increase relative to BDS$810,857 reported in 2022.
Profit before tax for the three months amounted to BDS$1.10 million, a 33% decrease relative to BDS$1.63 million reported in 2022. Taxation totalled BDS$54,237, from BDS$2,043 in the corresponding period last year.
Net profit for the three months amounted to BDS$1.05 million, a 36% decrease from the BDS$1.63 million reported in 2022.
Consequently, Earnings Per Share for the three months amounted to BDS$$0.01 (2022: EPS: BDS$0.01). The twelve-month trailing EPS was J$9.85 and the number of shares used in these calculations was 135,519,820. Notably, CPFV’s stock price closed the trading period on February 15, 2024, at a price of J$40.00 with a corresponding P/E ratio of 4.06x.
Balance Sheet Highlights
The company’s assets totalled BDS$159.42 million (2022: BDS$135.81 million). The increase resulted from a 20% increase in ‘Investment properties’ closing at BDS$99.45 million.
Shareholder’s equity was BDS$117.84 million (2022: BDS$104.25 million), representing a book value per share of BDS$0.87 (2022: BDS$0.77).
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